TORONTO, April 7, 2020 /CNW/ - Scotiabank today hosted its
188th Annual Meeting of Shareholders via webcast and
teleconference. In his address, President and CEO Brian Porter gave tribute to late Chairman
Thomas O'Neill, thanked healthcare
workers on the frontline of the COVID-19 pandemic, and reinforced
the Bank's stability, strength and readiness to weather the current
economic environment.
Thomas O'Neill served as Chair of
the Scotiabank Board of Directors from 2014 to 2019 and was
appointed to the Scotiabank Board in 2008. Mr. Porter paid tribute
to Mr. O'Neill in his remarks, stating that "Tom was a cherished
and respected leader at the Bank, who exemplified our core values
of Respect, Integrity, Accountability, and Passion. For those
of us who were fortunate to know him and work with him, we will
miss him greatly."
Mr. Porter continued by thanking the legions of Scotiabank
employees who have gone above and beyond to serve customers
throughout the quickly evolving stages of the COVID-19 health
crisis.
"Since the crisis first began, employees have responded with
courage and diligence to an unprecedented volume of calls,
questions, and concerns," Mr. Porter said. He then added his "deep
gratitude to our more than 100,000 Scotiabankers – all of whom
deserve our profound thanks and appreciation."
To that end, Mr. Porter spoke specifically to Scotiabank's
response to helping customers manage this period of financial
hardship, outlining relief measures for customers in Canada, Mexico, Peru,
Chile, and Colombia. Many customers have taken advantage
of Scotiabank's mortgage payment deferral program, in addition to
similar programs set up to defer payments on personal loans, auto
loans, and credit cards.
Mr. Porter then highlighted Scotiabank's preparedness to manage
the impact that COVID-19 has had on the economy. "While we could
never predict the crisis we currently face, we are prepared for
it," Mr. Porter stated. "Our efforts over the past few years to
strategically reposition the Bank's footprint, focus on asset
quality, and reduce risk have also positioned us well to weather
the current storm."
In particular, Mr. Porter highlighted the Bank's investment in
technology, which has enabled more than 60% of employees globally
to work remotely from home, while its digital and online channels
have allowed more efficient access to customers in their homes.
In 2019, Scotiabank reported earnings of $9.4 billion – a result of considerable efforts
to focus and simplify its footprint, strengthen its business, and
provide a superior customer experience that will continue to pay
off over the longer term.
Mr. Porter also recognized the collaborative effort across the
financial industry that managing COVID-19 has required – extending
his thanks to the Canadian banking sector, regulators, public
officials, and politicians for the leadership they have shown over
the past few weeks.
"The cooperation and coordination we have seen with the federal
Ministry of Finance and other ministries, as well as provincial
governments, the Bank of Canada,
and OSFI has been impressive," he said. "There is a clear
understanding that we are in this together, and the only way is to
get through this is together."
Earlier today, Scotiabank also announced a donation of
$2.5 million to support COVID-19
community response efforts. Funds will be directed to charitable
organizations across the Bank's global footprint that serve the
immediate and future needs of those left most vulnerable as a
result of the pandemic.
For more information on how Scotiabank is supporting customers
impacted by the COVID-19 pandemic, visit
https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/scotia-support.html.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future," we help our customers, their
families and their communities achieve success through a broad
range of advice, products and services, including personal and
commercial banking, wealth management and private banking,
corporate and investment banking, and capital markets. With a team
of approximately 100,000 employees and assets of approximately
$1.2 trillion (as at January 31, 2020), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank