97-453: Economy of Argentina Argentine peso Convertibility plan Corralito Corralón Cacerolazo 2001 riots Apagón Economic emergency law Debt restructuring Corralito ( Spanish pronunciation: [koraˈlito] ) is the informal name for the economic measures taken in Argentina at the end of 2001 by Minister of Economy Domingo Cavallo in order to stop
194-438: A bank run which implicated a limit of cash withdrawals of 250 ARS per week (at that time US$ 1 = 1 ARS ). Electronic transfers and credit and debit card payments were not disrupted. The Spanish word corralito is the diminutive form of corral , which means "corral, animal pen, enclosure"; the diminutive is used in the sense of "small enclosure" and in Argentina also "a child's playpen ". This expressive name alludes to
291-420: A Visa credit card was launched in early May. Five Cineplex Entertainment locations were also rebranded as "Scotiabank Theatres." In 2015, the two companies announced they extended the partnership through October 31, 2025, and would expand naming rebrand another five theatres as Scotiabank Theatres. On December 14, 2021, the new Scene+ program was launched. It merged Scene and Scotia Rewards points. Scotiabank
388-828: A branch in Havana , Cuba, followed by a branch in New York City in the following year. In 1910, the bank opened a branch in San Juan , Puerto Rico . The bank also grew with the merger and acquisition of other banks, including the Bank of New Brunswick in 1913, and the Toronto-based Metropolitan Bank in 1914. The acquisition of Metropolitan Bank made the Bank of Nova Scotia the fourth largest financial institution in Canada at that time. In 1919,
485-562: A collective agreement in Toronto, making Scotiabank the first Canadian bank to sign a collective agreement with a union. In 1986, Scotiabank created Scotia Securities to provide discount brokerage and security underwriting services. The late 1980s and 1990s saw the bank acquire several firms, including McLeod Young Weir brokerage firm (co-founded by Donald Ivan McLeod, William Ewart Young, James Gordon Weir and John Henry (Harry) Ratcliffe in 1921) in 1988, and Montreal Trustco Inc. in 1994. In 1997,
582-681: A cut of 15000 state jobs. Argentina's 2023 annual inflation was the highest in the world at 211.4%. In January 2024, Argentina’s poverty rate reached 57.4%, the highest poverty rate in the country since 2004. The following table shows the main economic indicators in 1980–2023 (with IMF staff estimates in 2024–2028). Inflation below 5% is in green. (in bn. US$ PPP) (in US$ PPP) (in bn. US$ nominal) (in US$ nominal) (real) (in Percent) (in Percent) (in % of GDP) Argentina
679-501: A division of Scotiabank's Dynamic Fund held 5 per cent of Elbit, valued at about US$ 440 million, until May 14, 2024 when it disclosed in a regulatory filing that the halved their investments to 2.5 per cent, valued at about US$ 237.6 million. These investments raises major concerns, for the following reasons: A 2001 investigation into the murder of Maru Oropesa, a Scotiabank branch manager in Mexico City, revealed US$ 14 million missing from
776-544: A number of important firms privatized during the 1990s were renationalized beginning in 2003. These include the postal service , ASA (the water utility serving Buenos Aires ), Pension funds (transferred to ANSES ), Aerolíneas Argentinas , the energy firm YPF , and the railways . The economy nearly doubled from 2002 to 2011, growing an average of 7.1% annually and around 9% for five consecutive years between 2003 and 2007. Real wages rose by around 72% from their low point in 2003 to 2013. The global recession did affect
873-598: A ruling on January 15, 2013, more than seven years after the initial accusation, a hearing panel of the IIROC dismissed all charges against Berry. David Berry filed a $ 100 million wrongful dismissal lawsuit against Scotiabank. As of January 2015, and nine years after Berry was terminated, Scotiabank settled with Berry for an undisclosed amount. Barry Critchley, who followed the story since its beginning, wrote an article on November 6, 2014, in which he believes Scotiabank's $ 55 million reported legal charges would likely be connected to
970-418: A somewhat larger number to Argentina); Argentina's domestic new auto market reached a record 964,000 in 2013. This marked a peak in vehicle production, by 2021 production had fallen to 434,753 vehicles. Vehicles remain Argentina's top export to Brazil, accounting for $ 3.1bil in exports in 2021. Beverages are another significant sector, and Argentina has long been among the top five wine producing countries in
1067-585: A strong presence in the country. In 2002, Scotiabank shut its branches (formerly Banco Quilmes) in Argentina during the currency crisis and massive sovereign default . In the following year, Scotiabank's Guangzhou branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency. In 2007, Scotiabank acquired a 24.98 per cent stake in Thanachart Bank , with that share later increasing to 48.99 per cent by December 2014. With
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#17330855413291164-735: Is a Canadian multinational banking and financial services company headquartered in Toronto , Ontario . One of Canada's Big Five banks , it is the third-largest Canadian bank by deposits and market capitalization . In 2023, the company’s seat in Forbes Global 2000 was 88. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With more than 89,000 employees and assets of CA$ 1,399 billion as of April 30, 2024 (according to Q2-2024 Report to Shareholders), Scotiabank trades on
1261-549: Is a member of the London Bullion Market Association and one of fifteen accredited institutions which participate in the London gold fixing . From 1997 to 2019, this was conducted through its precious metals division ScotiaMocatta . Scotiabank's president and CEO Brian J. Porter announced his retirement to be effective January 31, 2023, and Scott Thompson was named as his replacement. The Bank of Nova Scotia
1358-683: Is also believed that in the end the corralito ended up being good business for some international banks since they negotiated with the Argentine government to receive compensation bonds for the "missing" money, which in a large proportion had never really left their banks, only moved from one branch to another. Most banks stayed in the country during the crisis, withstanding a severe damage to their reputation as well as (in certain cases) physical attacks. Others fled as soon as problems arose (for example, Scotiabank 's Argentine branch, Scotiabank Quilmes). Economy of Argentina The economy of Argentina
1455-798: Is also the title sponsor for running events that form a part of the Canada Running Series. They include Banque Scotia 21k de Montreal + 10k & 5k in April; Scotiabank Vancouver Half-Marathon & 5k Run/Walk in June; Scotiabank Toronto Waterfront Marathon, Half-Marathon & 5k in October; and the Scotiabank Bluenose Marathon. Since 2005, Scotiabank has also been the title sponsor of the CFL playoffs semi-final and conference final games, with games titled as
1552-737: Is also the title sponsor for two post-secondary facilities in Canada, including Scotiabank Hall at Brock University in St. Catharines ; and Scotiabank Hall in the Marion McCain Arts and Social Sciences Building at Dalhousie University in Halifax . Scotiabank has also established an industry partnership with the University of Waterloo Stratford Campus . Scotiabank is a member of the Canadian Bankers Association (CBA) and registered member with
1649-465: Is based on GDP-linked bonds , and investors, both foreign and domestic, netted record yields amid renewed growth. Argentine debt restructuring offers in 2005 and 2010 resumed payments on the majority of its almost US$ 100 billion in defaulted bonds and other debt from 2001. Holdouts controlling 7% of the bonds, including some small investors, hedge funds , and vulture funds led by Paul Singer's Cayman Islands -based NML Capital Limited , rejected
1746-427: Is growing in Argentina, and the nearly 3 million hectares (7.5 million acres) of organic cultivation is second only to Australia . Argentina is the world's fifth-largest wine producer , and fine wine production has taken major leaps in quality. A growing export, total viticulture potential is far from having been met. Mendoza is the largest wine region, followed by San Juan . Government policy towards
1843-611: Is one of the world's major agricultural producers, ranking among the top producers in most of the following, exporters of beef, citrus fruit , grapes, honey , maize , sorghum , soybeans , squash , sunflower seeds , wheat, and yerba mate . Agriculture accounted for 9% of GDP in 2010, and around one fifth of all exports (not including processed food and feed, which are another third). Commercial harvests reached 103 million tons in 2010, of which over 54 million were oilseeds (mainly soy and sunflower ), and over 46 million were cereals (mainly maize, wheat, and sorghum ). Argentina
1940-535: Is the highest in the world, since the national currency had lost 18% of its value since the beginning of the year. In 2019, the inflation was considered the highest in 28 years according to the index, ascending to 53.8%. To the cause of the quarantine in 2020, in April, 143,000 SMEs will not be able to pay salaries and fixed expenses for the month, even with government assistance, so they will have to borrow or increase their capital contribution, and approximately 35,000 companies consider closing their business. even so,
2037-648: Is the largest foreign investor of the UNHRC-blacklisted Israeli bank Mizrahi Tefahot Bank, which invests in illegal settlements in Palestinian Territories. The same mutual fund is also heavily invested in the Israeli weapon manufacturer Elbit; . Elbit also provides surveillance system in the West Bank, and has a spying-tool division that has been involved in spying on journalists. 1832 Asset Management,
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#17330855413292134-423: Is the largest producer in the world of yerba mate , one of the 5 largest producers in the world of soy , maize , sunflower seed , lemon and pear , one of the 10 largest producers in the world of barley , grape , artichoke , tobacco and cotton , and one of the 15 largest producers in the world of wheat , sugarcane , sorghum and grapefruit . In 2018, Argentina was the 3rd largest producer of soy in
2231-484: Is the second largest foreign transaction ever by a Canadian financial company overseas, behind Royal Bank of Canada 's purchase in Royal Bank of Trinidad and Tobago. In 2012, Scotiabank entered into an agreement to acquire ING Direct Bank of Canada from ING Groep N.V . Two years later, Scotiabank would acquire ING Direct Bank of Canada for Can$ 3.13 billion. The sale completed on November 15, 2012, and ING Bank of Canada
2328-482: Is the second-largest national economy in South America , behind Brazil . Argentina is a developing country with a highly literate population, an export-oriented agricultural sector , and a diversified industrial base. Argentina benefits from rich natural resources . However, its economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since
2425-616: Is under a stand-by program from the International Monetary Fund . In 2019, the currency fell further by 25%. In 2020, it fell by 90%, in 2021, 68%, and a further 52% in 2022 (until July 20). Argentina is considered an emerging market by the FTSE Global Equity Index (2018), and one of the G-20 major economies . In 2021, MSCI re-classified Argentina as a standalone market due to prolonged severe capital controls. Before
2522-867: The Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of the Global ATM Alliance , a joint venture of several major international banks that allows customers of the banks to use their ATM cards or check cards at certain other banks within the Global ATM Alliance without fees when traveling internationally. Other participating banks are Barclays (United Kingdom), Bank of America (United States), BNP Paribas (France and Ukraine through UkrSibbank ), Deutsche Bank (Germany), and Westpac (Australia and New Zealand). Other international associations of which
2619-581: The Giller Prize . From 2006 to 2015, Scotiabank was the title sponsor for the Nuit Blanche event in Toronto. In 2008, Scotiabank announced a two-year sponsorship of Toronto's Caribana which would be rebranded as Scotiabank Caribbean Carnival Toronto . The sponsorship of the Caribbean festival was extended until 2015, when the partnership with the festival ended. In 2016 Scotiabank held its first hackathon with
2716-593: The Río Negro valley; rice, oranges and other citrus in the northwest and Mesopotamia ; grapes and strawberries in Cuyo (the west), and berries in the far south. Cotton and tobacco are major crops in the Gran Chaco , sugarcane and chile peppers in the northwest, and olives and garlic in the west. Yerba mate tea ( Misiones ), tomatoes ( Salta ) and peaches (Mendoza) are grown for domestic consumption. Organic farming
2813-578: The Scotiabank Centre in Halifax (since June 25, 2014). The naming rights for the Scotiabank Centre was signed for ten years, with annual fees of $ 650,000 for said rights. The facility officially opened its doors as the rebranded Scotiabank Centre on September 19, 2014. On August 29, 2017, Scotiabank and Maple Leaf Sports & Entertainment , announced that Scotiabank purchased the naming rights to
2910-464: The petrochemical industry , and to the La Plata - Greater Buenos Aires - Rosario industrial belt. The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, Argentina has the 31st most valuable industry in the world (57.7 billion dollars), behind Mexico, Brazil and Venezuela, but ahead of Colombia, Peru and Chile. In 2019, Argentina
3007-606: The $ 100 million lawsuit; but it is unlikely to ever be known. In January 2023, the bank closed the account of political activist Jeremy MacKenzie with no reason given and no appeal process. Scotiabank is the title sponsor for a number of sports events including the Calgary Marathon, the CONCACAF Champions League tournament (since 2015), and the Jewish National Fund's "Pitch for Israel" event. Scotiabank
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3104-408: The 1880s, Argentina was a relatively isolated backwater, dependent on the salted meat , wool , leather, and hide industries for both the more significant part of its foreign exchange and the generation of domestic income and profits. The Argentine economy began to experience swift growth after 1880 through the export of livestock and grain raw materials, and British and French investment, marking
3201-425: The 2005 and 2010 offer to exchange their defaulted bonds. Singer, who demanded US$ 832 million for Argentine bonds purchased for US$ 49 million in the secondary market in 2008, attempted to seize Argentine government assets abroad and sued to stop payments from Argentina to the 93% who had accepted the earlier swaps despite the steep discount . According to estimates by Morgan Stanley, bondholders who instead accepted
3298-536: The 2005 offer of 30 cents on the dollar had by 2012 received returns of about 90%. Argentina settled with virtually all holdouts in February 2016 at the cost of US$ 9.3 billion; NML received US$ 2.4 billion, a 392% return on the original value of the bonds. While the Argentine Government considers debt leftover from illegitimate governments unconstitutional odious debt , it has continued servicing this debt despite
3395-492: The 4th world producer of beef , with a production of 3 million tons (only behind USA, Brazil and China), the 4th world producer of honey , the 10th world producer of wool , the world's 13th largest producer of chicken meat , the world's 23rd largest producer of pork , the 18th largest producer of cow's milk and the world's 14th largest producer of chicken egg . Soy and its byproducts, mainly animal feed and vegetable oils , are major export raw materials with one fourth of
3492-579: The Air Canada Centre in Toronto for $ 800 million, a record-setting deal described as "one of the biggest investments in naming rights in North America". The multi-sport complex was renamed July 1, 2018, as Scotiabank Arena . From 2006 through 2013, Scotiabank held the naming rights to the arena of the Ottawa Senators , branding it Scotiabank Place . Canadian Tire took over the naming rights for
3589-702: The Government of Cuba nationalized all banks in Cuba, and the Bank of Nova Scotia withdrew its services from all eight branches. During the 1960s, the Bank of Nova Scotia became the first Canadian bank to appoint women as bank managers, with the first appointed on September 11, 1961. In the next year, the bank expanded into Asia with the opening of a Representative Office in Japan. In 1975, the Bank of Nova Scotia adopted Scotiabank as its worldwide brand name. On September 28, 1978, Scotiabank and Canadian Union of Public Employees signed
3686-548: The Scotiabank East Semi-finals and Scotiabank West Semi-finals. This is in addition to being the official financial services provider to the Canadian Football League . Scotiabank was also a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with Manny Pacquiao . Scotiabank also sponsors sports leagues and teams, becoming a sponsor for Club Deportivo Guadalajara in 2013, and becoming
3783-595: The Senators' arena in June 2013. In 2022, Scotiabank acquired the naming rights to the Bell MTS Iceplex near Winnipeg; rather than use the Scotiabank name, the facility is instead branded as Hockey for All Centre, as an extension of a diversity and inclusion campaign of the same name. Scotiabank has been a title sponsor for a number of cultural events and institutions in Canada. In 2005, Scotiabank became title sponsor of
3880-566: The Toronto ( TSX : BNS ) and New York ( NYSE : BNS ) exchanges. The Scotiabank swift code is NOSCCATT and the institution number is 002. Scotiabank was founded in 1832 in Halifax, Nova Scotia , where it was headquartered until relocating to Toronto in 1900. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. Scotiabank
3977-652: The United States including total assets, account balances, account numbers, transactions, account numbers, and other personal identifying information, as well as assets held jointly with Canadian-born spouses and other family members. On July 14, 2015, Scotiabank announced that it would buy Citigroup 's retail and commercial banking operations in Panama and Costa Rica. Terms of the transaction were not disclosed. The purchase would increase Scotiabank's client base in both countries from 137,000 to 387,000, and would add 27 branches to
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4074-580: The United States or the United Kingdom. In 1899, Scotiabank opened a branch in Boston , Massachusetts . By the end of the 19th century, the bank was represented in all of the Maritimes , Quebec , Ontario , and Manitoba . In 1900, the bank moved its headquarters to Toronto , Ontario. The bank continued to grow with the opening of new branches in the early 20th century. In 1906, the Bank of Nova Scotia opened
4171-685: The acquisition of Siam City Bank , Thanachart Bank is now the 6th largest bank (by assets) in Thailand with over 16,000 staff serving more than four million customers through 680 branches and 2,100 ATMs across the country. In 2010, the bank opened its first offices in Bogotá , Colombia. On October 20, 2011, Scotiabank acquired a 51 per cent stake in Colpatria [ es ] , Colombia's fifth largest bank and second largest issuer of credit cards, for $ 1 billion Canadian in cash and stock (10 million shares). It
4268-644: The acquisition of a 68.19 per cent stake in BBVA Chile for Can$ 2.9 billion, as a result BBVA Chile was merged into Scotiabank Chile. On February 21, 2019, the Prosecutor in the Central American country of Costa Rica raided Scotiabank's offices in San José, Costa Rica , claiming that the bank had failed to provide the government with information on accounts and deposits that could allegedly implicate Alejandro Toledo ,
4365-444: The annual cost of around US$ 14 billion and despite being nearly locked out of international credit markets with annual bond issues since 2002 averaging less than US$ 2 billion (which precludes most debt rollover ). Nevertheless, Argentina has continued to hold successful bond issues, as the country's stock market, consumer confidence, and overall economy continue to grow. The country's successful, US$ 16.5 billion bond sale in April 2016
4462-476: The bank acquired National Trust Company for Can$ 1.25 billion. In the same year, Scotiabank acquired Banco Quilmes in Argentina. In 2000, Scotiabank increased its stake in Mexican bank Grupo Financiero Inverlat to 55 percent. The Mexican bank was subsequently renamed to Grupo Financiero Scotiabank Inverlat. Scotiabank later acquired Inverlat banking house in 2003, taking over all of its branches and establishing
4559-616: The bank amalgamated with the Bank of Ottawa . In 1919, the bank opened a branch in Fajardo , Puerto Rico. In the following year, the bank opened a branch in London, and another in Santo Domingo , Dominican Republic. The bank also saw growth in Cuba, with five branches in Havana, and one branch each in Camagüey , Cienfuegos , Manzanillo , and Santiago de Cuba by 1931. During the mid-20th century,
4656-619: The bank grew not only in size but also in breadth of products and services. Progress was conditioned by changing consumer needs, legal changes, or acquisitions of external service providers. Major changes include: Following the passage of the National Housing Act , the Bank of Nova Scotia created a mortgage department in 1954. Further changes to the Bank Act of 1954 in 1958 led to the bank introducing its consumer credit program. The bank's branches in Cuba continued to operate until 1960, when
4753-496: The beginning of a fifty-year era of significant economic expansion and mass European immigration . From 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP during its most vigorous period, averaging about 8% annually. One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period. Growth then slowed considerably, such that by 1941 Argentina's real per capita GDP
4850-409: The branch. Initially, investigators found that Oropesa and Jaime Ross, her former boss, had illegally transferred US$ 5 million from client investment accounts. The money was eventually transferred to the United States where it was used to purchase three aircraft. As the investigation continued, officials found an additional $ 9 million missing and involvement of 16 other bank employees in the fraud. Ross
4947-614: The catch; pollock , squid , and centolla crab are also widely harvested. Forestry has long history in every Argentine region, apart from the pampas , accounting for almost 14 million m³ of roundwood harvests. Eucalyptus , pine , and elm (for cellulose ) are also grown, mainly for domestic furniture, as well as paper products (1.5 million tons). Fisheries and logging each account for 2% of exports. Mining and other extractive activities, such as gas and petroleum, are growing industries, increasing from 2% of GDP in 1980 to around 4% today. The northwest and San Juan Province are
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#17330855413295044-652: The century took the form of branch openings. The bank launched its branch banking system by opening in Windsor , Nova Scotia. The expansion was limited to the Maritimes until 1882, when the bank moved west by opening a branch in Winnipeg , which later closed, but the bank continued to expand into the American Midwest . This included opening a branch in Minneapolis in 1885, which later transferred to Chicago in 1892. Following
5141-580: The collapse of the Commercial Bank of Newfoundland and Union Bank of Newfoundland on December 10, 1894, the Bank of Nova Scotia established on December 15, 1894, in Newfoundland . The bank opened a branch in Kingston, Jamaica , in 1889 to facilitate the trading of sugar, rum , and fish. This was Scotiabank's first move into the Caribbean and historically the first branch of a Canadian bank to open outside of
5238-681: The company's S and globe monogram, and increasing use of the abbreviated name "Scotia". In 2022, the management tried to reduce the rate of remote work . On February 14, 2024, Chief Executive Officer and Group Head, Global Banking and Markets Jake Lawrence left the bank after 22 years and joined the Power Corporation of Canada . His responsibilities are shared between Paul Scurfield to Global Head, Capital Markets, Global Banking and Markets, and Michael Kruse, acting as Interim Global Head, Corporate and Investment Banking, Global Banking and Markets. In February 2024, Bank of Nova Scotia announced
5335-599: The creation of first indigenous-owned investment dealer in Canada. Cedar Leaf Capital is a partnership between two indigenous development corporations and one indigenous peoples corporation. Each side owns 23.3% of the shares and Scotiabank controls the rest. At the same time, the bank will reduce its share once Cedar Leaf Capital has established its production. This initiative will facilitate access by aboriginal people (5% of Canada’s 40 million people) to investment and infrastructure development. In August 2024, Scotiabank and KeyCorp (a U.S. regional bank) announced that Scotiabank
5432-428: The currency devalued tenfold and the economy failed to grow. Record foreign debt interest payments , tax evasion , and capital flight resulted in a balance of payments crisis that plagued Argentina with severe stagflation from 1975 to 1990, including a bout of hyperinflation in 1989 and 1990. Attempting to remedy this situation, economist Domingo Cavallo pegged the peso to the U.S. dollar in 1991 and limited
5529-546: The early 1950s, where commodity prices dropped and the effects of nationalization led to stagnation. The economy continued to decline during the military dictatorship from 1976 to 1983 and for some time afterward. The dictatorship's chief economist, José Alfredo Martínez de Hoz , advanced a controversial, neoliberal policy of financial liberalization that increased the debt burden and failed to curb inflation, which reached 344% in 1983. While black markets and shortages disappeared as price and exchange controls were removed,
5626-460: The economy in 2009, with growth slowing to nearly zero; but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011. Foreign exchange controls , austerity measures , persistent inflation, and downturns in Brazil, Europe, and other important trade partners, contributed to slower growth beginning in 2012, however. Growth averaged just 1.3% from 2012 to 2014, and rose to 2.4% in 2015. The Argentine government bond market
5723-503: The existing 51 branches in both Central American nations. Scotiabank's former President, CEO and Chairman Cedric Ritchie died on March 20, 2016. He was a President of Scotiabank from 1972, and CEO and Chairman from 1974 to 1995. Under his leadership, Scotiabank expanded into more than 40 countries and grew to 33,000 employees. In 2017, Scotiabank join Enterprise Ethereum Alliance. In 2018, Scotiabank acquired Montreal investment firm Jarislowsky Fraser, also in 2018 Scotiabank completed
5820-669: The first half of the 20th century, industrial production has become highly diversified in Argentina. Leading sectors by production value are: food processing and beverages ; motor vehicles and auto parts ; refinery products , and biodiesel ; chemicals and pharmaceuticals ; steel and aluminium ; and industrial and farm machinery ; electronics and home appliances . These latter include over three million big ticket items , as well as an array of electronics, kitchen appliances and cellular phones, among others. Argentina's auto industry produced 791,000 motor vehicles in 2013, and exported 433,000 (mainly to Brazil, which in turn exported
5917-451: The first time in 1943, employed over 1 million by 1947, and allowed the need for imported consumer goods to decline from 40% of the total to 10% by 1950. The populist administration of Juan Perón nationalized the Central Bank , railways , and other strategic industries and services from 1945 to 1955. Inflation first became a chronic problem during this period, averaging 26% annually from 1944 to 1974. The GDP per capita increased until
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#17330855413296014-409: The former president of Peru , in money laundering. Later that year, in June 2019 it was announced that OFG Bancorp would acquire all branches of Scotiabank within Puerto Rico and the United States Virgin Islands territories as part of a $ 550 million cash deal. In 2019, Scotiabank underwent a rebranding, modifying its wordmark logo and introducing a new corporate font based on its design, downplaying
6111-407: The goal of solving Canadian debt. Scotiabank and Canadian theatre operator Cineplex Entertainment partnered in 2007 to create a loyalty rewards program called Scene+ . The program allows patrons to sign up for a special card that grants them points which can be redeemed for free movies or concession discounts. Scotiabank customers can also request a debit card which gives them points when used, and
6208-471: The government froze all bank accounts, initially for 90 days. Only a small amount of cash was allowed for withdrawal on a weekly basis (initially 250 Argentine pesos , then 300), and only from accounts denominated in pesos. No withdrawals were allowed from accounts denominated in U.S. dollars, unless the owner agreed to convert the funds into pesos. Operations using credit cards , debit cards , cheques and other means of payment could be conducted normally, but
6305-422: The heights have been left unaffected. This, in turn, suggests that the increase in the population's welfare did not occur during the income expansion of the given period. The Great Depression caused Argentine GDP to fall by a fourth between 1929 and 1932. Having recovered its lost ground by the late 1930s partly through import substitution , the economy continued to grow modestly during World War II (contrary to
6402-412: The lack of cash availability caused numerous problems for the general public and for businesses. At the time, the average Argentine did not employ the banking system for daily uses; many did not have a personal bank account and dealt only in cash. Debit cards were not popular and many businesses did not have the equipment to accept them. Thus the cash restrictions only exacerbated the recession and angered
6499-404: The late twentieth century. Income maldistribution and poverty have increased since this period. Early in the twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia and had surpassed both France and Italy. Argentina's currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar . As of that year, it
6596-493: The lucrative agrarian sector is a subject of, at times, contentious debate in Argentina. A grain embargo by farmers protesting an increase in export taxes for their products began in March 2008, and, following a series of failed negotiations, strikes and lockouts largely subsided only with the 16 July, defeat of the export tax-hike in the Senate . Argentine fisheries bring in about a million tons of catch annually, and are centered on Argentine hake , which makes up 50% of
6693-524: The main regions of activity. Coal is mined in Santa Cruz Province . Metals and minerals mined include borate , copper , lead , magnesium , sulfur , tungsten , uranium , zinc , silver , titanium , and gold , whose production was boosted after 1997 by the Bajo de la Alumbrera mine in Catamarca Province and Barrick Gold investments a decade later in San Juan. Metal ore exports soared from US$ 200 million in 1996 to US$ 1.2 billion in 2004, and to over US$ 3 billion in 2010. In 2019, Argentina
6790-440: The media showing that Scotiabank management had sought advice on terminating Berry prior to the Investment Industry Regulatory Organization of Canada (IIROC) violation accusation, and the results of questioning during the IIROC inquiries strongly suggest that the securities charges were part of a plan by Scotiabank senior management to remove Berry from his position and simultaneously prevent him from becoming their competitor. In
6887-445: The money supply's growth. His team then embarked on a path of trade liberalization , deregulation , and privatization . Inflation dropped to single digits, and GDP grew by one third in four years. External economic shocks and a dependency on volatile short-term capital and debt to maintain the overvalued fixed exchange rate diluted benefits, causing erratic economic growth from 1995 and the eventual collapse in 2001 . That year and
6984-604: The next, the economy suffered its sharpest decline since 1930; by 2002, Argentina had defaulted on its debt. Its GDP had declined by nearly 20% in four years, unemployment reached 25%, and the peso had depreciated 70% after being devalued and floated . Argentina's socio-economic situation has since been steadily improving. Expansionary policies and raw materials exports triggered a rebound in GDP from 2003 onward. This trend has been primarily maintained, creating over five million jobs and encouraging domestic consumption and fixed investment . Social programs were strengthened, and
7081-609: The official sponsor for the Chilean Primera División after signing a five-year period contract in 2014. Scotiabank is also the official bank of the National Hockey League and National Hockey League Players' Association . It was named official bank of the 2007 Cricket World Cup . In 2010, Scotiabank was a sponsor of the World Rally Championship's Corona Rally Mexico . Since 2008, Scotiabank has been
7178-728: The official team sponsor of the Canadian cricket Team and the title sponsor of National T20 Championship in Canada . Scotiabank is also the official bank of the West Indies cricket team . Scotiabank is also the title sponsor for a number of athletic facilities. They include the Scotiabank Aquatics Center in Guadalajara ; Scotiabank Saddledome in Calgary (since October 8, 2010); and
7275-404: The presidency, US denominated debt and deposits were forcibly exchanged for Argentine pesos at 1.4 pesos per dollar for deposits and 1.0 for debt. The exchange rate spiked to 4 ARS/USD. The corralito was renamed corralón as people could not longer withdraw $ 250 per week not because of a new limit but because they no longer had any dollars. Protests increased and banks were closed for months. It
7372-641: The president remains firm in his decision to maintain the state of total quarantine. Despite cuts in the payment chain, some project 180 total days and calculate 5% of companies that fell in May. In February 2023, the rate of inflation in Argentina surpassed 100% for the first time since the early 1990s. In December 2023, Argentina was seeing a projected 200% annualized inflation rate of the Argentine Peso. With this inflation in mind, Javier Milei (Argentina's newly sworn in president as of 10 December 2023, with 55.69% of
7469-697: The public. President Fernando de la Rúa resigned on 20 December 2001 after violent riots , but the restrictions of the corralito were not lifted at the time. It is generally agreed that the banks had a share of the blame for the situation that led to the corralito . In mid-2001, it was probably clear to bank owners and high-ranking officials that Argentina's banking system was going to crash, and some in fact may have spurred this outcome by letting their highest deposit holders know this news. These, mostly large companies, quickly moved their deposits abroad. Meanwhile, they continued to recommend their middle-class customers to enter deposits. After Eduardo Duhalde assumed
7566-516: The recession caused by the previous world war). The war led to reduced availability of imports and higher prices for Argentine exports that combined to create a US$ 1.6 billion cumulative surplus, a third of which was blocked as inconvertible deposits in the Bank of England by the Roca–Runciman Treaty . Benefiting from innovative self-financing and government loans alike, value-added in manufacturing nevertheless surpassed that of agriculture for
7663-410: The restrictions imposed by the measure. The term was coined by journalist Antonio Laje [ es ] . In 2001, Argentina was in the midst of a crisis : heavily indebted , with an economy in complete stagnation (an almost three-year-long recession ), and the exchange rate was fixed at one U. S. dollar per Argentine peso by law, which made exports uncompetitive and effectively deprived
7760-402: The state of having an independent monetary policy. Many Argentines, but most especially companies, fearing an economic crash and possibly a devaluation , were transforming pesos to dollars and withdrawing them from the banks in large amounts, usually transferring them to foreign accounts ( capital flight ). On December 1, 2001, in order to stop this draining from destroying the banking system ,
7857-532: The total; cereals added another 10%. Cattle-raising is also a major industry, though mostly for domestic consumption; beef, leather and dairy were 5% of total exports. Sheep-raising and wool are important in Patagonia , though these activities have declined by half since 1990. Biodiesel , however, has become one of the fastest growing agro-industrial activities, with over US$ 2 billion in exports in 2011. Fruits and vegetables made up 4% of exports: apples and pears in
7954-439: The vote in the runoff election ) weakened the Argentine Peso by 50% to 800 per dollar, along with cuts to energy subsidies, cancellations of public works, and more. Although an impactful policy, Argentinians knew Milei would enact significant economic policies, as he openly supported extreme economic policies as a self-described anarcho-capitalist . As part of Javier Milei's plans the Government of Argentina announced in April 2024
8051-433: The world, with 1.9 million tons produced, besides having produced 19 million tons of sugarcane , mainly in the province of Tucumán - Argentina produces near 2 million tons of sugar with the produced cane. In the same year Argentina produced 4.1 million tons of barley , being one of the 20 largest producers in the world of this cereal. The country is also one of the world's largest producers of sunflower seed : in 2010, it
8148-451: The world, with 37.7 million tons produced (behind only the US and Brazil); the 4th largest producer of maize in the world, with 43.5 million tons produced (behind only the US, China and Brazil); the 12th largest producer of wheat in the world, with 18.5 million tons produced; the 11th largest producer in the world of sorghum , with 1.5 million tons produced; the 10th largest producer of grape in
8245-455: The world; beer overtook wine production in 2000, and today leads by nearly two billion liters a year to one. Other manufactured goods include: glass and cement ; plastics and tires ; lumber products; textiles ; tobacco products ; recording and print media ; furniture ; apparel and leather . Scotiabank The Bank of Nova Scotia (French: Banque de Nouvelle-Écosse ), operating as Scotiabank (French: Banque Scotia ),
8342-467: The years and purchased several other banks overseas. Most have been rebranded since their acquisition, although a few continue to utilize their former names. Several branches of the former Montreal Trust and National Trust were rebranded Scotiabank & Trust, and continue to operate as such. Scotiabank has four business lines: Scotiabank operates branches in all Canadian provinces and territories , except for Nunavut . One of Scotiabank mutual funds
8439-559: Was convicted of fraud and money laundering for his role and sentenced to 15 years. Scotiabank terminated the other 16 employees, but did not prosecute them. In 2014, the bank reached a settlement in a class-action lawsuit that covered thousands of workers owed more than a decade of unpaid overtime. The lawsuit included 16,000 Scotiabank employees across Canada who worked as personal banking officers, senior personal banking officers, financial advisors, and small business account managers from January 1, 2000, to December 1, 2013. The 2007 lawsuit
8536-550: Was fired on the grounds that he had committed securities regulatory violations. At the time, as part of a 20 per cent direct drive deal, he was making more than double the CEO's salary and Scotiabank management had already taken steps to limit his compensation. The regulatory violation allegations from his former employer, left him unemployable to Scotiabank's competitors despite the appeal of potentially adding more than $ 75 million/year to their equity trading profits. Documents delivered to
8633-538: Was founded in 1832 in Halifax , Nova Scotia , a British colony at that time. The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832. William Lawson was the first president. The bank intended to facilitate the trans-Atlantic trade of the time. Later, in 1883, the Bank of Nova Scotia acquired the Union Bank of Prince Edward Island, although most of the bank's expansion efforts in
8730-603: Was later renamed Tangerine in April 2014. As a result of the FATCA agreement between Canada and the United States , signed between the two countries in 2014, Scotiabank has also spent almost $ 100 million implementing a controversial system to report to the United States the account holdings of close to one million Canadians of American origin and their Canadian-born spouses. Scotiabank has been forced to implement this system in order to comply with FATCA . According to Financial Post , FATCA requires Canadian banks to provide information to
8827-604: Was purchasing 14.9% of KeyCorp for approximately $ 2.8 billion. The parties expect to complete the purchase upon the satisfaction of customary closing conditions and the receipt of Federal Reserve approval, which is expected to occur in the first quarter of 2025. As part of the transaction, KeyCorp and Scotiabank plan to explore commercial opportunities to partner together in the future to best serve their respective client bases. In November 2024, some customers were unable to access their accounts for days. The bank has amalgamated with several other Canadian financial institutions through
8924-423: Was roughly half that of the U.S. Even so, from 1890 to 1950, the country's per capita income was similar to that of Western Europe; although income in Argentina remained considerably less evenly distributed. According to a study by Baten and Pelger and Twrdek (2009), where the authors compare anthropometric values, i.e., height with real wages, Argentina's GDP increased for the decades after 1870. Before 1910 however,
9021-428: Was similar to a class-action filed by Canadian Imperial Bank of Commerce (CIBC) bank teller Dara Fresco of Toronto. Under terms of the settlement, employees received 1.5 times their standard wage at the time, but no interest. Scotiabank also paid legal fees of $ 10.45 million. In June 2005, David Berry, a very successful Canadian Scotiabank trader who had built a $ 75 million/year business in trading preferred shares,
9118-510: Was the 31st world producer of steel , the 28th producer of vehicles , the 22nd world producer of beer , the 4th world producer of soybean oil and the 3rd world producer of sunflower oil , among other industrial products. Manufacturing is the largest single sector in the nation's economy (15% of GDP), and is well-integrated into Argentine agriculture, with half the nation's industrial exports being agricultural in nature. Based on food processing and textiles during its early development in
9215-891: Was the 3rd largest producer in the world with 2.2 million tons. In 2018, Argentina also produced 2.3 million tons of potato , almost 2 million tons of lemon , 1.3 million tons of rice , 1 million tons of orange , 921 thousand tons of peanut , 813 thousand tons of cotton , 707 thousand tons of onion , 656 thousand tons of tomato , 565 thousand tons of pear , 510 thousand tons of apple , 491 thousand tons of oats , 473 thousand tons of beans , 431 thousand tons of tangerine , 302 thousand tons of yerba mate , 283 thousand tons of carrot , 226 thousand tons of peach , 194 thousand tons of cassava , 174 thousand tons of olives , 174 thousand tons of banana , 148 thousand tons of garlic , 114 thousand tons of grapefruit , 110 thousand tons of artichoke , in addition to smaller productions of other agricultural products. In livestock, Argentina was, in 2019,
9312-538: Was the 4th largest world producer of lithium , the 9th largest world producer of silver , the 17th largest world producer of gold and the 7th largest world producer of boron . Around 35 million m³ each of petroleum and petroleum fuels are produced, as well as 50 billion m³ of natural gas, making the nation self-sufficient in these staples, and generating around 10% of exports. The most important oil fields lie in Patagonia and Cuyo . A network of pipelines send raw product to Bahía Blanca , center of
9409-428: Was the largest in emerging market history. In May 2018, Argentina's government asked the International Monetary Fund for its intervention, with an emergency loan for a $ 30 billion bailout , as reported by Bloomberg . In May 2018, the official estimated inflation had peaked up to 25 percent a year, and on 4 May Argentina's central bank raised interest rates on pesos to 40 percent from 27.25 percent, which
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