TORONTO, Oct. 31 /CNW/ - With the previously announced retirement of
Vice-Chairman Bob Brooks scheduled to take effect October 31, 2008, Scotiabank
President and CEO Rick Waugh today announced the appointment of Sabi Marwah as
Vice-Chairman and Chief Operating Officer.
"Sabi Marwah's contribution to Scotiabank continues to be significant and
his leadership and guidance are valued within the Bank," said Rick Waugh. "I
am very pleased to make this announcement and look forward to working with
Sabi as his role expands into new areas."
Mr. Marwah joined the Bank's Finance Department in 1979. Over the years,
he has held progressively senior positions within the Finance Department,
including Senior Vice-President and Comptroller, and Senior Executive
Vice-President and Chief Financial Officer. In 2005, Mr. Marwah was appointed
Vice-Chairman and Chief Administrative Officer. In his new role, he will
continue to report directly to the President and CEO. In addition to his
responsibilities for many of the Bank's administrative functions, he will also
oversee Global Transaction Banking, Corporate Insurance, Investments and
Mr. Waugh also announced that Brian Porter, currently Executive
Vice-President (EVP) and Chief Risk Officer has been appointed Group Head,
Risk and Treasury. Mr. Porter will continue to oversee the global management
of credit, market and operational risk for the Bank, and will also assume
responsibility for treasury. Over 25 years, Mr. Porter has held a variety of
management positions, including Deputy Chairman, Scotia Capital Inc. Mr.
Porter is also past Chairman of the Investment Dealers Association of Canada
In connection with this change, Stephen Hart, currently Senior
Vice-President and Head, Credit Risk, has been appointed Executive
Vice-President, Chief Credit Officer, a new role reporting to Mr. Porter. He
first joined Scotiabank over 30 years ago and has since held a number of
progressively senior management positions. He brings a tremendous depth of
experience in credit risk, portfolio management and U.S. corporate banking.
As well, a number of executive titles have been introduced to reflect the
evolution of our business lines and our goal of being the best Canadian-based
international financial services company.
"We are confident that these changes to our executive team and this
structure represent the right approach to ensuring continued strong leadership
and the ongoing success of the Scotiabank Group," said Mr. Waugh.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some
50 countries around the world.
Scotiabank offers a diverse range of products and services including
personal, commercial, corporate and investment banking. With $462 billion in
assets (as at July 31, 2008), Scotiabank trades on the Toronto (BNS) and New
York Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information:
For further information: Media contact: Frank Switzer, Director of
Public Affairs, Scotiabank, (416) 866-7238