Scotiabank has been named the Canadian Bank of the Year by The Banker magazine. a Financial Times publication, for boosting its digital and technological capabilities and strengthening its geographical footprint and product scope.

The U.K.-based publication pointed to the Toronto-based bank’s acquisitions of wealth manager MD Financial and investment firm Jarislowsky Fraser, “which boosted its offering to existing clients and brought valuable new ones.”

“Scotiabank strengthened its position across key markets in 2018, both in its products and its geographical reach… As a result, the bank says it is now the third largest active money manager in Canada and the country’s top private investment counsel,” The Banker said.

It added that Scotiabank “has also done well abroad,” noting that it acquired the local operations of BBVA in Chile, which made the group the third-largest privately-owned lender in the country and completed the acquisition of Banco Dominicano del Progreso in the Dominican Republic.

Scotiabank’s digital efforts, including a cloud development platform and its online mortgage product, eHome, “are also noteworthy,” The Banker added.

Brian Porter, President and Chief Executive Officer of Scotiabank, said he was “very pleased” that the lender received these accolades.

"This award is a recognition of the many efforts we have undertaken in recent years to position our Bank for a strong future in Canada, and in each of our key markets and businesses," he said. 

Read the press release here.