Bank of Nova Scotia Hires Morgan Stanley Executive to Lead Global Banking

By Paul Vieira

OTTAWA--Bank of Nova Scotia says it hired a former senior executive at Morgan Stanley and J.P. Morgan as the head of global banking services.

Travis Machen will be responsible for its global banking strategy that builds on the lender's North American reach and presence in Latin America, Europe and the Asia-Pacific region, Scotiabank said in a statement. The division provides lending services and investment banking advice to corporate clients, and generated revenue in 2023 of 5.5 billion Canadian dollars, or the equivalent of $4.02 billion.

Scotiabank Chief Executive Scott Thomson said he's confident Machen can build the bank's global banking business in key markets. The Scotiabank statement refers to Machen's track record on mergers and acquisitions.

Scotiabank is Canada's fourth-largest chartered bank by market capitalization.

Prior to the hiring news, Machen was a managing director at Morgan Stanley, in charge of banks, diversified and financial infrastructure. Prior to that, Machen also served as a managing director at J.P. Morgan, and served as group head of financial institutions, and corporate and commercial banking.

Scotiabank said Machen would be based in New York and Toronto. "I have been impressed by the scale and capabilities of Scotiabank's global wholesale banking business and see the opportunity to capitalize on our unique positioning throughout the North American corridor and across our footprint," Machen said.

Write to Paul Vieira at paul.vieira@wsj.com

(END) Dow Jones Newswires

April 29, 2024 17:23 ET (21:23 GMT)

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