Scotiabank, also known as the Bank of Nova Scotia, is a multinational Canadian bank. It is one of the largest bank in Canada by deposits and market capitalization. The bank serves a huge volume of customers and is spread across the country.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Below we look at the top 5 competitors of Scotiabank.
1. Bank of Montreal:
Bank of Montreal, commonly known as BMO is a Canadian Bank operating under the name as BMO financial groups. It comes under the Big five banks of Canada. Based on its assets and market capitalisation, it is the fourth largest bank in Canada.
The Santander Group is a Boston based Spanish banking group with its principal market is in the North-eastern US. Santander operates more than 700 retail banking offices and over 2,000 ATMs employing close to 9,000 people offering an array of financial services and products. It offers services like retail banking, capital markets, corporate banking, mortgages, credit card, trust and wealth management, cash management and insurance.
3. Royal Bank of Canada:
The Royal Bank of Canada is the largest bank in Canada and the thirteenth largest bank in the world. RBC operates in 40 countries and has more than 80,000 full and part time employees. The bank serves more than 15 million customers.
4. Bank of America:
Bank of America is a banking institution and financial services provider around the globe. It was set up as Bank of Italy in 1904 by Amadeu Gianni. It has grown multifold over the las hundred and twelve years to become one of the leading banks in the United States.
HSBC is a multinational firm which works in the banking sector. HSBC is of British origin and was setup in its present form in the year 1991. The Hongkong and Shanghai Banking Corporation has its main functioning area in Hongkong and a little less work in the Shanghai.
To conclude, the above article highlights the various competitors which compete with Scotiabank. This understanding helps to evaluate the various external business factors for any company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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