At Scotiabank, we define "success" in broad terms, incorporating and balancing the interests of all of our major stakeholders. This means excelling in customer satisfaction, providing rewarding careers for our employees, contributing to the well-being of the communities we serve and, of course, creating solid, long-term value for our shareholders.

The Bank of Nova Scotia (Scotiabank) opened for business in 1832 in Halifax, Nova Scotia to support the thriving trans-Atlantic trade between Britain, North America and the West Indies. Agents were quickly assigned to New York, Boston and London, providing an early indication of the Bank's global aspirations. Scotiabank paid its first dividend to shareholders a year later - the first in an unbroken history of dividend payments that continues to this day.

By the late 1800s, the Bank had expanded internationally to the United States and Jamaica. And by the early 1900s, a coast-to-coast Canadian branch network had been established - an expansion accelerated by amalgamations with four banks between 1882 and 1919.

Since that time, Scotiabank has substantially grown its international presence and, today, is Canada's most international bank. The Bank also diversified its Canadian operations through major acquisitions, including investment dealers and trust companies, and expansion into new products and services to meet the needs of our customers.

Record of Success

At Scotiabank, we define "success" in broad terms, incorporating and balancing the interests of all of our major stakeholders. This means excelling in customer satisfaction, providing rewarding careers for our employees, contributing to the well-being of the communities we serve and, of course, creating solid, long-term value for our shareholders.

The Scotiabank Group's commitment to success is second to none and we've delivered excellent results in many areas. The Bank has been recognized as a leader in many categories, achieving numerous "firsts" in Canada and around the world.

1832
The Bank of Nova Scotia was the first public bank in Halifax, Nova Scotia, and also the first in British North America with a charter that provided double liability of shareholders - that is, the amount fo the stock held, plus equally as much again. The latter became a continuing feature of Canadian banking legislation until 1934, when a central bank was established and the note-issuing privilege of the chartered banks was gradually rescinded.

1888
Officers' Pension Fund: The fund was among the first staff pension plans in North America.

1901
First cost analysis: Introduction of the Unit System of Work marked the first cost analysis done by a Canadian bank.

1906
Independent audit of accounts: Scotiabank became the first Canadian bank to have its accounts audited by an independent firm.

1954
First life-insured savings plan: Scotiabank's Personal Security Program was the first life-insured savings plan offered by a Canadian bank.

1957
Electronic posting: Installation of an electronic posting machine at Scotiabank's Toronto main branch marked the first such installation by a Canadian bank.

1958
Gold certificates: Already a world leader in the precious metals business, Scotiabank introduced gold certificates - the first of their kind in the world. Scotiabank also became the first Canadian bank to provide daily quotations for the price of gold.

1959
Revolving credit: With the introduction of the Scotia Plan Cheque Credit, Scotiabank was the first Canadian bank to introduce a revolving credit plan.

Consumer lending: With the introduction of the Scotia Plan Loan, Scotiabank became the first Canadian bank to promote consumer lending.

1960
Term Deposit Notes: Scotiabank became the first bank in Canada to introduce term deposit notes.

1961
First women bank Managers: Scotiabank was the first Canadian bank to appoint women to the position of bank Manager.

1967
First bank Archives: Scotiabank was the first Canadian bank to establish an Archives. Collection of records had started in the early 1900s and a full-time archivist was on staff by 1967. Today, Scotiabank Group Archives is a leader in corporate archives in North America.

1973
Subsidiaries information: First Canadian bank to publish consolidated figures of subsidiaries in its annual report.

1979
Forms written in "everyday" language: First Canadian bank to introduce loan forms written in easy-to-understand language.

1981
Computers: Scotiabank became the first major Canadian bank to connect virtually all domestic branches to an online computer communications network.

1985
First shared ABM network: Scotiabank and the National Bank of Canada were the first banks in Canada to establish a shared ABM network.

1993
Small Business Loan Act: Committed to providing a full range of financial services to small- and medium-sized business, Scotiabank became the first to introduce reduced rate loans under the new Small Business Loan Act.

1998
ISO 9002: Scotiabank became the first financial institution in North America to have a department registered to one of the ISO 9000 quality management standards.

2001
First "No down payment mortgage": As part of a comprehensive package of home ownership solutions, Scotiabank became the first Canadian bank to offer a "no down payment" mortgage for first-time buyers.

2002
Virtual savings account: Scotiabank introduced the Money Master High Interest Savings Account - the first "virtual" savings account available from a major Canadian bank.

First no-fee, low-rate credit card: As part of its commitment to provide customers with the best value, Scotiabank introduced the first no-fee, low-rate credit card in Canada.

P2P e-mail money transfer: Scotiabank joined CertaPay and three other Canadian banks to launch the world's first real-time, person-to-person (P2P) e-mail money transfer service.

Real time, online account opening: Scotiabank was the first major Canadian bank to offer customers the ability to open new deposit accounts in real time over the Internet.

2004
London Gold Fixing: ScotiaMocatta, the Bank's precious metals' dealer, named chair of the London Gold Fixing - the first time a non-British bank has held the chair since the Fixing was implemented in 1919.

You will find other current successes in our annual report.

For a more in-depth look at Scotiabank's history, please see the Scotiabank Archives section.