Pre Call Report - Scotiabank Essay

2738 Words Dec 5th, 2013 11 Pages
Selling Financial Services - Pre Call Report of Scotiabank Executive Summary
The Scotiabank is one of the world’s most popular banks in North America and is located in Canada, Halifax. Founded in 1832, Scotiabank came to be the second largest bank in Canada. A year after its development, Scotiabank paid out its first dividend to shareholders. Having marked the method in history, it was carried out through the golden era to the modern era and is yet continued to this day. Scotiabank provides innovative financial products and services to individual customers, small/medium sized business, corporations and governments across the world.

Scotiabank operates in North America, Europe, Middle East, Asia and South America and has
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This is an increase $6 billion from December, and an $84 billion increase from January 2010. Overall the industry is healthy even in light of the 2008-2009 recession, and the industry saw profits of $13.9 billion in the 2010 calendar year, which was almost three times the 2009 calendar year profits.
An issue, however, to note is possible changes to the regulatory bodies in Canada that deal with mutual funds; far-reaching changes in the investment funds industry whereby the agencies are discussing merging the two bodies that regulate the mutual funds industry.
Currently there are two agencies that regulate Canada’s mutual fund and brokerage firms, the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC). The problem is that with two regulatory bodies overseeing operations in the investment industry, it creates clout and confusion among investors when dealing with the two bodies. According to Larry Waite, CEO of MFDA, “Does it make sense to merge? I think it does. My view always has been the fewer regulators the better.” This is apparently a change of heart for Waite who previously did not want to merge with the IIROC when the offer was put on the table in 2005. It had much to do with the internal politics of the industry as according to Susan Wolburgh Jenah, CEO of IIROC, the IIROC has always been very open to the idea

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