Scotiabank is planning to deploy 90 per cent of its capital – up from 70 per cent in 2023 – to its key businesses in Canada, the U.S. and Mexico over the next few years.Fred Lum/the Globe and Mail
Bank of Nova Scotia BNS-T has tapped a senior executive at Finning International Inc. FINGF for a top role in the lender’s Canadian banking unit.
Greg Palaschuk, chief financial officer at the construction equipment dealer, will join Scotiabank as executive vice-president and chief operating officer of Canadian banking in September.
“He will oversee all Canadian banking operations activities, and he will also provide managerial oversight for automotive finance in Canada as we look to continue to grow and evolve the business,” Scotiabank spokesperson Katie Raskina said in an e-mail statement.
Mr. Palaschuk took on the role of CFO at Vancouver-based Finning in March, 2020, joining then-chief executive Scott Thomson’s senior executive team. He has experience operating in some of Scotiabank’s most important markets as Finning is the largest dealer of Caterpillar equipment in Latin America and in the copper-mining industry in Chile.
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Mr. Thomson left Finning when he was appointed as Scotiabank’s new CEO in late 2022 after serving as a board member since 2016.
Before joining Finning in 2014, Mr. Palaschuk worked at Goldman Sachs & Co. as vice-president of natural resources investment banking in Calgary and New York.
He has also worked at UBS Group in mergers and acquisitions, and Deutsche Bank in investment banking.
In late 2023, Mr. Thomson launched the bank’s new strategy, aimed at reallocating capital to its key businesses in Canada, the United States and Mexico. A central part of the plan depends on increasing referrals between its businesses across the three countries to draw more of its customers’ financial portfolios to the bank.
Over the next few years, the bank will deploy 90 per cent of its capital – up from 70 per cent in 2023 – to its key businesses in Canada, the U.S. and Mexico.
Scotiabank has been trying to build its deposit book in Canada to ease its high funding costs.
