Early development, therefore, focused on establishing a foreign exchange business with agents in New York, London, and Boston, while local agencies and the main office in Halifax concentrated on making domestic loans. The bank officially opened in August 1832, a time of unfavorable economic conditions because of massive crop failures and a cholera outbreak. None of the members of the first board of directors had any practical banking experience, but this did not deter them from setting up the necessary operations and appointing James Forman, a prominent citizen of Halifax, to serve as the first cashier (as the general manager was then called). The first public financial institution in the colonial port city of Halifax, the Bank of Nova Scotia was formed on March 30, 1832, to handle the economic activity associated with the area's lumber, fishing, farming, and foreign trade. in Mexico and subsidiary operations in Chile, Costa Rica, and El Salvador. Scotiabank ranks as the Caribbean's leading provider of financial services, has the largest presence in Asia of any Canadian bank, and maintains major holdings in Latin America, including majority ownership of Grupo Financiero Scotiabank Inverlat, S.A. Its international banking operations range across more than 40 countries and include more than 720 branches and offices and more than 1,500 ABMs. The Bank of Nova Scotia is considered to be the most international of the "Big Five" Canadian banks. Active in Canada, the United States, and Europe, Scotia Capital provides the bank's corporate, institutional, and government clients with corporate and investment banking services. The wealth management unit, which encompasses Scotiabank's retail brokerage, mutual funds, and private clients services, has nearly three-quarters of a million clients and in excess of $82 billion in assets under management. The domestic banking unit provides a full range of banking services to individuals, small businesses, and commercial accounts its more than six million customers are served through a network of nearly 1,000 domestic offices and close to 2,200 automatic bank machines (ABMs), in addition to telephone banking, wireless services, and the Scotia OnLine Internet banking service. Scotiabank, as it is usually called, conducts its activities through four major divisions: domestic banking, wealth management, Scotia Capital, and international. From 1997 to 2019, this was conducted through its precious metals division ScotiaMocatta.The Bank of Nova Scotia, the second oldest bank in Canada, was the second largest Canadian bank in 2003 in term of assets (trailing only Royal Bank of Canada). Scotiabank is a member of the London Bullion Market Association and one of fifteen accredited institutions which participate in the London gold fixing. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. Scotiabank was founded in 1832 in Halifax, Nova Scotia, where it was headquartered until relocating to Toronto in 1900. The Scotiabank swift code is NOSCCATT and the institution number is 002. With more than 92,001 employees and assets of Can$1,136 billion, Scotiabank trades on the Toronto and New York exchanges. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. One of Canada's Big Five banks, it is the third-largest Canadian bank by deposits and market capitalization. The Bank of Nova Scotia, operating as Scotiabank, is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario.
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