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In a country like Canada, where there is a massive number of migrants entering from all corners of the world, it is essential to know what bank will suit a person the most. In this article, two significant banks in Canada will go head to head to see how they differ and where they thrive.
The Bank of Nova Scotia is the third largest bank in Canada and is a part of the Big Five Banks in Canada. Scotiabank became part of the Big Five thanks to its market capitalization and deposits. Another name that Scotiabank earned is Canada’s most international bank. This title is thanks to its acquisitions in Europe, some parts of Asia, Latin America, and the Caribbean. It was a place called Halifax in Nova Scotia that Scotiabank started back in 1832. The executive offices are in Toronto, Ontario.
HSBC bank is the largest bank in Europe with 13 subsidiaries, including HBSC Canada. The Hongkong and Shanghai Banking Corporation established this bank in London in 1991. It got incorporated in 1866 and, by 2018, became the 7th largest bank in the world. It was in 2014 when Forbes names HSBC as the sixth largest public company in the world. HBSC is both a multinational investment bank as well as a company that holds financial services. It has its world headquarters in Canary Wharf, London.
The Bank of Nova Scotia has four business lines that aim at serving as many target markets as possible to keep their customers satisfied. The said business lines are:
As for HSBC, they focus more on the types of products that they offer in an attempt to stay ahead of competitors in the bank industry. The following are the five product lines of HSBC:
Both Scotiabank and HSBC provide different kinds of banking services outside Canada and allows people in Canada to engage in currency exchange and foreign exchange. Another option is Alterna Savings’ currency exchange services for popular currencies such as the US dollar, Great British Pound, and the Euro.
Scotiabank offers three types of foreign currency products:
On the other hand, HSBC offers three options of products for currency exchange: