Bank of Nova Scotia, Canada’s third- biggest lender by assets, said quarterly profit rose 12 percent as contributions from its takeover of ING Groep NV’s Canadian business led to record earnings in domestic consumer lending.
Royal Bank of Canada is putting its leadership in the hands of David McKay, whose consumer-lending experience is a departure from the investment-banking background that propelled Gordon Nixon to chief executive officer 12 years ago.
Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.
Bank of Nova Scotia’s Richard Waugh, who is stepping down next week after 43 years at Canada’s third- largest lender, said future growth will probably be in Asia after decades of expansion in Latin America.
Bank of Nova Scotia moved Barbara Mason, executive vice president of global wealth management, to the new role of chief human resources officer amid a shuffle of senior executives at Canada’s third-biggest bank.
Bank of Nova Scotia Chief Executive Officer Richard Waugh said global regulators’ emphasis on leverage ratios to strengthen the world’s banks doesn’t strike the “right balance” between managing risk and economic growth.
A Middle Eastern royal’s purchase in May of the penthouse suite and unit below it at Vancouver’s five-star Fairmont Pacific Rim hotel for C$40 million ($39 million) was the most expensive condominium purchase in Canada.