By Sarah Walker
When Nicola Ray Smith first entered the world of finance, it wasn’t part of a lifelong plan to work in corporate Canada. In fact, she refers to herself as an “accidental banker.”
“I didn’t picture this when I was young,” she admits. “My first career was in forestry — I spent years working in sawmills and logging camps. Finance wasn’t even on my radar until I graduated from university. Looking back, I see how much of what I learned then — problem-solving, leadership, and adaptability — prepared me for where I am now.”
Today, Nicola is Senior Vice President of Scotiabank’s Atlantic Region, overseeing the Bank’s client-facing business across one of Canada’s most historic banking hubs. She brings an unconventional perspective to an institution deeply woven into the fabric of Atlantic Canada.
“There’s something really special about leading in a region where the Bank has such deep roots,” Nicola shares. “It’s not just about growing the business — it’s about ensuring that we’re building on the Bank’s legacy of creating meaningful change for the communities we serve.”
An unconventional path to leadership
Born in Scotland to a family from Northern England, Nicola immigrated to Canada as a child, moving across Quebec, Ontario, and Alberta before settling in British Columbia. There, she studied biomechanics and built a career in the forestry industry before finance pulled her in.
“Numbers and problem-solving always excited me, but what truly drew me to finance was its real-world impact,” Nicola explains. “It’s not just about spreadsheets — it’s about understanding the stories behind the numbers and helping people and businesses achieve their goals.”
Her analytical mindset and leadership skills made her highly sought after by major banks, but Scotiabank stood out.
“Scotiabank valued my education and experience in a way I didn’t see elsewhere,” she says. “The Bank was actively recruiting candidates with diverse backgrounds, and that really resonated with me.”
More than two decades later, Nicola has held leadership roles across capital markets, corporate finance, and retail banking. From managing trading floors to leading commercial banking teams, her career has been defined by a willingness to evolve and take on new challenges.
Now based in Halifax, she oversees the Bank’s retail branch network and commercial operations in the very region where Scotiabank was founded in 1832.
“Being trusted to lead Scotiabank where it all began is an honour,” she says. “This region has such a strong community spirit, economic potential, and a deep-rooted culture of resilience.”
She adds, “The last decade has brought unprecedented growth, and we want to continue to fuel that momentum — whether through community investment, inclusion, or financial literacy initiatives.”
Driving community impact beyond the Bank
For Nicola, banking isn’t just about financial services, it’s about client and community impact. Through Scotiabank’s ScotiaRISE $500 million community investment initiative, the Bank partners with organizations locally and across its global footprint to help individuals and communities remove barriers and increase access to a more resilient future. ScotiaRISE invests in three focus areas including improving high school and post-secondary participation, removing career barriers, and supporting newcomer economic inclusion. ScotiaRISE also invests in programs that address reclamation of Indigenous language and culture as well as urgent and basic needs, such as improving access to basic supports like food and water, shelter and medical care.
“Our role extends beyond banking advice and services for our clients,” she says. “We have a responsibility to support economic growth and help individuals, families and communities adapt to changing circumstances and reach their full potential.”
More than 30 ScotiaRISE partnership investments in education, employment, and newcomer support are helping individuals and families across the Atlantic Region. Some of the key partnerships include funding for the United Way across the region to support a crucial community safety net which helps people living in poverty, working to ensure that everyone has access to the programs and services they need to thrive, Hope Blooms to develop youth entrepreneurial skills, and the Nova Scotia Community College to empower aspiring business owners. Additionally, a partnership with the QE II Health Sciences Foundation is helping internationally educated healthcare workers and their families access the resources they need to feel connected to their new communities in Nova Scotia. The program helps support the healthcare system by helping international talent make the region their long-term home.
“Staying connected to our local initiatives is essential,” she explains. “It enables me to understand the challenges our communities face and how we, as a bank, can help drive meaningful change at all levels of the community.”
As Co-Chair of Scotiabank’s Canadian Banking Inclusion Council, Nicola is also committed to ensuring all voices are heard and all employees have a seat at the table. She champions mentorship and sponsorship programs that help break down barriers for employees.
“My advice to anyone new to an organization is simple: put yourself out there,” she says. “Build relationships, learn from different perspectives, and don’t be afraid to ask for guidance. People are always willing to help.”
Especially in finance. “The opportunities I’ve had — working across different parts of the Bank, leading outstanding teams, and supporting communities — have all helped me become the leader I am today. I’m truly grateful for this journey and the people who have been part of it.”
This article was first published in Women of Influence and is republished with permission.
