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The wind-down cost comprised a provision for severance payments of RM21.045 million, impairment of property and equipment (RM2.6 million) and other provisions (RM2.615 million). It provided no further details of the plan. Arising from this, the bank has recognised RM26.26 million of wind-down cost ,” it said in a review of its quarterly performance. “The holding company has decided to wind down its operations in Malaysia and, in July 2021, the board of directors approved the bank’s wind-down plan. Scotiabank makes mention, however, of the wind-down plan in its latest unaudited financial statements for the first nine months of the financial year ended (9MFY2021). Scotiabank CEO and country head Sivadas Menon declined comment when contacted, while Bank of Nova Scotia did not respond to an email seeking comment. “The staff have all been informed,” one source tells The Edge. It commenced operations in Malaysia in 1973 and became a locally incorporated entity in 1994. The low-key bank is wholly-owned by Canada’s third-largest lender by assets, Bank of Nova Scotia. This jewel of Canadian architecture continues to house our Atlantic Regional Office, and Halifax Main Branch.THE Bank of Nova Scotia Bhd (Scotiabank) has been winding down its operations and will exit Malaysia before year end, say sources, putting an end to its 49-year history in the country. “from its structure to its decorative features, fixtures, and furniture, injecting motifs depicting Canadian natural and economic history throughout the building. In August 1931, the bank moved its Halifax branch into what’s now “one of our most authentically Canadian buildings,” according to the article. More branches followed in Edmonton, Calgary, Vancouver, Regina and Saskatoon. By the beginning of the 20th century, the bank’s headquarters were relocated from Halifax to Toronto.
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The following decade, the bank expanded with branches in Toronto, Winnipeg, the U.S.
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In 1874, another branch in Saint John, N.B., became the bank’s first venture outside of Nova Scotia. tellers Alexander Paul and Benjamin Carlile and.cashier and chief operating officer James Forman.The coffee house also played host to the bank’s first shareholders’ meeting that May, and when the first branch opened in August, its staff included: Initially, the bank’s goal was “to facilitate the thriving trans-Atlantic trade between Britain, North America and the West Indies,” according to “The Scotiabank Story,” an article published by the bank, which is branded as Scotiabank.Įight months earlier, on New Year’s Eve, a group of local businessmen met in Halifax’s Merchants Exchange Coffee House to explore “a public bank as an alternative to the privately owned Halifax Banking Company.”Īfter receiving royal assent in March with an authorized capital of £100,000, “of which £50,000 had to be paid up before business could begin,” the bank became the first chartered bank in Nova Scotia, notes the article.