It’s ever more important for companies to go beyond the bottom line and make a positive impact on the economy, the communities they operate and live in, and their own employees.
Scotiabank’s ongoing efforts on this front have been recognized at a global level as it has been named World’s Best Bank for Corporate Responsibility at the Euromoney Awards for Excellence 2024, in part for its 10-year, $500-million ScotiaRISE community investment initiative aimed at strengthening economic resilience among disadvantaged people and groups.
The prestigious U.K.-based financial publication recognized Scotiabank with 11 awards including North America’s Best Bank for Corporate Responsibility and Canada’s Best Bank.
“These recognitions are a testament to the solid momentum we are delivering on our vision to be our clients' most trusted financial partner and in executing against our enterprise strategy across our key markets,” said Scott Thomson, President and Chief Executive Officer at Scotiabank.
Euromoney’s annual awards are highly competitive, with submissions from more than 600 banks from 100 countries across the globe. Scotiabank was previously named Canada’s Best Bank in 2022.
When selecting a winner for its Best Bank for Corporate Responsibility award at the global and regional levels, the magazine examined the company’s commitment to several components including: fostering diversity and inclusion, reducing the environmental impact of operations, promoting workforce development and social mobility, and innovative and effective initiatives to strengthen local communities.
These recognitions are a testament to the solid momentum we are delivering on our vision to be our clients' most trusted financial partner and in executing against our enterprise strategy across our key markets.”
In its Euromoney Award submission, Scotiabank highlighted its progress and integration of ESG (environmental, social and governance) goals into business line priorities as well as its efforts to develop a Truth and Reconciliation Action Plan.
For the Country’s Best Bank awards, Euromoney examined financial institutions’ achievements and key metrics including market capitalization, total revenues and pre-tax profit. It also factored in the banks’ ability to meet strategic targets and key initiatives.
In its award submission, Scotiabank noted its Scene+ loyalty program, the launch of the Scotia Smart Investor tool to help clients with financial planning and the Bank’s expansion of employee wellbeing supports including Global Inclusive Standards of Care. The aim is to close health gaps for the LGBTQIA+ community and women with coverage for areas such as mental health, women’s health and expanded same-sex partner coverage, helping to remove barriers for under-represented and under-served groups.
These recognitions come after a foundational year for Scotiabank under the guidance of Thomson, who took the helm as CEO in early 2023. After a comprehensive, months-long internal review, Scotiabank unveiled its new enterprise-wide strategy and vision during its Investor Day in late 2023. This new approach involves growing and scaling in priority markets in Canada, the U.S., Mexico and the Caribbean. Capital allocation will focus on growth in North America, with trade flows between Canada, the U.S. and Mexico representing a significant opportunity.
The Bank’s new strategy also focuses on deeper and more meaningful relationships with clients, providing multiple products and advice. It also involves simplifying and improving access to Scotiabank products and building a more efficient organization, while also breaking down silos and creating an environment where people can thrive.
Euromoney Awards for Excellence 2024 wins:
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