A look at Scotiabank’s trust companies, acquired companies, and how they all came together to form Scotiatrust.

Scotiatrust logo, 1967

The Bank of Nova Scotia Trust Company (Scotiatrust)

The Bank of Nova Scotia Trust Company, or better known as Scotiatrust, was incorporated in 1992 and opened its first location in Toronto’s Scotia Plaza in June 1993. Beginning modestly with a single office in Toronto, it has grown quickly, and has been strengthened by the mergers of the Montreal Trust Company and the National Trust Company, to become one of the largest personal trust businesses in Canada with a network of offices around the world.

Scotiabank was involved in the trust business before 1992. In December 1957, the Bank incorporated The Bank of Nova Scotia Trust Company (Bahamas) Limited. It was formed in association with: Eagles Star Insurance Company Limited; Philip Hill, Higginson & Company, Limited; and Sir Robert McAlpine & Sons, Limited with the Bank owning 60% of the capital stock. Headquartered in Nassau, Bahamas, it would become the parent company of smaller trust companies established by the Bank in the Caribbean and later in Hong Kong during the early 1990s. The Bank would also open trust companies in New York City, London and on the island of Jersey, Channel Islands.

Other highlights:

• The Bank of Nova Scotia Trust Company of New York commenced business in 1959 in New York City.
• The Bank of Nova Scotia Trust Company (United Kingdom) Limited commenced business in 1964 in London, England.
• The Bank of Nova Scotia Trust Company Channel Islands Limited commenced business in 1973 in Jersey, Channel Islands and was a subsidiary of The Bank of Nova Scotia Channel Islands Limited.

The Bank of Nova Scotia Trust Company (Bahamas) Limited

Its wholly owned subsidiaries:

• The Bank of Nova Scotia Trust Company of Jamaica Limited commenced business in 1962 in Jamaica. It later became a subsidiary of The Bank of Nova Scotia Jamaica Limited during 1972 and later the name changed to Scotiabank Jamaica Trust and Merchant Bank Limited in 1988.
• The Bank of Nova Scotia Trust Company of the West Indies Limited commenced business in 1963 in Trinidad. It later became a subsidiary of The Bank of Nova Scotia Trinidad & Tobago Limited in 1974 and later the name changed to The Bank of Nova Scotia Trust Company of Trinidad & Tobago Limited in 1984.
• The Bank of Nova Scotia Trust Company (Cayman) Limited commenced business in 1965 in the Cayman Islands.
• The Bank of Nova Scotia Trust Company (Caribbean) Limited commenced business in 1967 in Barbados.
• Scotiatrust (Asia) Limited commenced business in 1992 in Hong Kong.

The latest member of the Scotiatrust family, is the Maple Trust Company which was acquired in 2006.

Montreal Trust Company

The Montreal Trust Company was incorporated in Montreal on March 21, 1889 as The Montreal Safe Deposit Company to provide “for safekeeping and storage, jewelry, plate, money, specie, bullion, stocks, bonds, securities, papers and documents and generally all valuables of any kind whatsoever.” In 1895, the company changed its name to The Montreal Trust and Deposit Company to reflect its new capacity as a trust company.

Sir Donald A. Smith - First President of the Montreal Trust Company, 1891-1899

Head Office of the Montreal Trust Company – 511 Place d’Armes, Montreal, 1917-1962

At the annual meeting of 1909, the name was changed to the Montreal Trust Company. Montreal Trust exhibited conservative growth for much of the century until the early 1980s when it underwent rapid expansion. As of December 31, 1993, Montreal Trust employed approximately 3000 employees and operated 125 branches and offices throughout Canada. On April 11, 1994 Scotiabank completed its acquisition of Montreal Trust.

Companies acquired by Montreal Trust Company prior to 1994:

• The Commercial Trust Company of Halifax was acquired in 1907.
• The Northern Trusts Company of Winnipeg commenced business in 1904 and was acquired in 1947.
• The Maritime Trust Company of Saint John commenced business in 1929 and was acquired in 1947.
• The Brockville Trust & Savings Company of Brockville commenced business in 1885 and was acquired in 1955.
• The Canadian Trust Company was a subsidiary of Montreal Trustco Inc., which was acquired in 1957. It commenced business in 1905 and had a subsidiary, Prince Edward Island Trust Company.
• The Prince Edward Island Trust Company of Charlottetown commenced business in 1930 as the Prince Edward Island Corporation, with the name changing to The Prince Edward Island Trust Company in 1931. Montreal Trust acquired it in 1957.
• The Acadia Trust Company of Truro commenced business in 1918 and was acquired in 1961.
• Credit Foncier Franco-Canadien was established on July 24, 1880 by royal assent in a charter granting Credit Foncier Franco-Canadien the right to act as mortgage and loan company in Canada.
  
  It was one of the first companies of its kind in Canada. By 1907 the company had branches in Montreal, Quebec City, Toronto, Winnipeg, Vancouver, Charlottetown, Edmonton, and Regina. During 1920, Credit Foncier Franco-Canadien purchased the Canadian Mortgage Association and then in 1929 Holland-Canada Mortgage Company, Limited which commenced business in 1910.
  
  In 1979, The Montreal City and District Savings Bank purchased Credit Foncier Franco-Canadien and changed its name to Credit Foncier to reflect the national interest of the company. On August 1, 1986, Credit Foncier was acquired by Montreal Trust.
• Bank of America Canada Mortgage Corporation was acquired in 1986.
• RoyNat Inc. was created under the name of RoyNat Limited and owned by The Royal Bank of Canada, Banque Canadienne Nationale, Montreal Trust Company, The Canada Trust Company, and General Trust of Canada. RoyNat Limited opened its doors for business on July 03 1962, by opening three offices that day in Montreal, Toronto, and Vancouver.
  
  By 1974, RoyNat Limited had 17 offices in major cities across Canada. Montreal Trust acquired RoyNat Inc. in 1988 becoming one of Canada’s leading private term lenders.
• The Wellington Trust Company was acquired in 1990.

National Trust Company

Sir Joseph W. Flavelle – First President of The National Trust Company, 1898-1931.

By 1984, when National Trust amalgamated with The Victoria & Grey Trust Company, it had over 140 branches/offices across Canada, and a history of trust dating back to 1844. The name then changed to The National Victoria & Grey Trust Company in 1984, but the name was deemed too cumbersome and was subsequently changed to the National Trust Company on June 03, 1985. On August 14, 1997 Scotiabank purchased National Trust.

Companies acquired by National Trust Company prior to 1997:

• The Manitoba Trusts Company of Winnipeg commenced business in 1896 and was acquired in 1900.
• The Mercantile Trust Company of Canada, Limited of Hamilton commenced business in 1907 and was acquired in 1924.
• The Central Canada Loan & Savings Company of Toronto commenced business in 1884 and was acquired in 1933.
• Scotia Cassels Investment Counsel Limited was formed in 1877 by Richard Scougall Cassels and his son Walter Gibson Cassels and was known as Cassels Son & Company. The firm was the oldest member of the Toronto Stock Exchange. In 1949, a partnership was formed when Cassels Son & Company merged with George W. Blaikie to become Cassels Blaikie & Company.
  
  Then on August 23, 1968 it was incorporated as Cassels Blaikie & Company, Limited. Effective December 31, 1993, National Trust acquired the outstanding shares of Cassels Blaikie. At the time of the purchase, Cassels Blaikie’s services were primarily providing wealth management and stock brokerage services through its office in Toronto. During 1994 Cassels Blaikie & Company, Limited became Cassels Blaikie Investment Management.
  
  Upon the merger of Scotiabank & National Trust, Cassels Blaikie Investment Management was combined with the Bank’s, Scotia Investment Management Limited, to form Scotia Cassels Investment Counsel Limited.

The Victoria & Grey Trust Company

The Victoria & Grey Trust Company was the product of an amalgamation of two companies on September 15, 1950: The Grey and Bruce Trust & Savings Company; and The Victoria Trust & Savings Company.

The company consisted of five branches with its head office in Lindsay, Ontario and remained relatively small until the mid 1960s when its growth was spurred by the purchase of the British Mortgage & Trust Company in 1965; The Lambton Loan and Investment Company in 1968; The Metropolitan Trust Company in 1979; and The Premier Trust Company in 1983. It was during 1979 that the head office of The Victoria & Grey Trust Company (V&G) was moved to Stratford, Ontario.

On August 31, 1984, V&G merged with The National Trust Company, Limited, becoming The National Victoria & Grey Trust Company and soon after in 1985, came to be known as the National Trust Company.

Companies acquired by The Victoria & Grey Trust Company prior to 1984:

• The Grey and Bruce Trust & Savings Company of Owen Sound commenced business in 1926 with the amalgamation of the Grey & Bruce Loan Company and The Owen Sound Loan & Savings Company.
• The Grey and Bruce Loan Company of Owen Sound commence business in 1889 under the name of The Owen Sound Grey and Bruce Loan & Savings Company. In 1897 the name changed to The Grey and Bruce Loan Company.
• The Toronto Savings & Loan Company of Peterborough commenced business in 1885 and was acquired by The Grey and Bruce Trust & Savings Company in 1946.

British Mortgage & Trust Company

The British Mortgage & Trust Company of Stratford commenced business in 1877 in London, Ontario under the name of The British Mortgage & Loan Company of Ontario. In 1926 the company changed its name to the British Mortgage & Trust Company which legally entitled it to function as a trust company.

The Lambton Loan & Investment Company

The Lambton Loan & Investment Company, Limited of Sarnia commenced business in 1844 under the name of Port Sarnia Syndicate. With the Upper Canada Building Societies Act introduced in the 1846, the name of the Port Sarnia Syndicate was changed to Port Sarnia Building Society in 1847.

Then again in 1855 the name changed to Lambton Permanent Building and Investment Society. The final name change came in June 1880, when it became The Lambton Loan & Investment Company. In 1928, The Lambton Trust Company was created with The Lambton Loan & Investment Company being the sole shareholder.

By 1968, The Victoria & Grey Trust Company acquired Lambton Loan & Lambton Trust which ran these companies as subsidiaries. They both were amalgamated into the parent company in 1978.

The Metropolitan Trust Company

The Metropolitan Trust Company of Toronto commenced business in 1962. Companies acquired by The Metropolitan Trust Company:

• The Canadian First Mortgage Corporation commenced business in 1963 and became a subsidiary of The Metropolitan Trust Company in 1971. On October 31 1980, its name was changed to The Victoria & Grey Mortgage Company.
• The Kent Trust & Savings Company of Chatham commenced business in 1963 and was acquired in 1969.
• The York Trust & Savings Company of Toronto commenced business in 1962. It had two subsidiaries, Fort Garry Trust Company & The International Savings & Mortgage Corporation. In 1967 The Metropolitan Trust Company purchased York Trust and sold the Fort Garry Trust Company in 1968.
• The International Savings & Mortgage Corporation of Winnipeg commenced business in 1913 under the name of the International Loan Company. It was acquired in 1966 by the York Trust & Savings Company.

The Premier Trust Company

The Premier Trust Company of Toronto commenced business in 1916. It initially operated under the same management as The Peoples Loan & Savings Corporation. During 1931, Peoples Loan sold its stock of Premier Trust to the Empire Trust Company. On January 1, 1934, Premier Trust purchased and merged with the Imperial Trusts Company of Canada of Toronto which commenced business in 1887.

• The Security Loan & Savings Company of St. Catharines formerly the Security Permanent Building and Savings Society commenced business in 1870 and was acquired in 1937.