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Buy This Dividend-Paying Stock to Boost Your Passive Income

Nikhil Kumar
·3 min read

Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) is Canada’s most geographically diverse bank. The company, also known as Scotiabank, sells retail mutual funds, exchange-traded funds, liquid alternatives, and institutional funds, and it offers services in brokerage operations, private banking, and private investment counsel. Several of the bank’s funds are top performers in key industry metrics.

The bank’s global wealth management division continues to execute the segment’s strategic focus on providing clients with strong risk-adjusted investment results and financial planning to provide investment solutions to meet the complex needs of the bank’s customers. The focus continues to be to delivering on partnerships and provide total wealth advice to best serve clients in the current economic environment and through all market conditions.

Prioritizing investments in digital capabilities

To best drive that focus, the global wealth management division prioritizes investments in digital and investment capabilities, growing the bank’s product shelf to serve both retail and institutional clients. In addition, the division is focused on maximizing the bank’s international footprint, including leveraging the bank’s institutional management capabilities in priority markets across Latin America.

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In addition, the bank continues to drive innovation in products to deliver industry-leading investment capabilities and performance through purpose-built solutions for customers across the bank’s brands and channels. Scotiabank appears to focus on partnerships as illustrated by a continued focus on the bank’s total wealth initiative to drive partnerships across related businesses.

Leveraging acquisitions and institutional capabilities

Further, Scotiabank works on continually leveraging acquisitions by expanding the bank’s proven strategies to both subsidiary’s, MD Financial and Jarislowsky Fraser. Recently, Scotiabank has been making substantial investments in digital technologies to digitally enable sales and advice to support all the bank’s distribution channels, including proprietary and third-party sales.

Also, Scotiabank leverages institutional capabilities by expanding the company’s institutional sales internationally with a focus on value added investment mandates in priority Latin American markets. Scotiabank focuses on international markets by maximizing the bank’s international footprint by growing the product shelf and by enhancing internal capabilities in sales and distributions.

Cultivating a talented, diverse workforce

Scotiabank also invests in and grows the international wealth business by following the bank’s retail footprint. Scotiabank has been developing a winning team culture by cultivating a talented, diverse workforce and fostering an environment to keep the bank’s customers and employees safe, while delivering outstanding results and client experiences.

Additionally, Scotiabank’s global banking and markets (GBM) division provides corporate clients with lending and transaction services, investment banking advice and access to capital markets. GBM is a full-service wholesale bank in the Americas, with operations in 21 countries, serving clients across Canada, the United States, Latin America, Europe, and Asia-Pacific.

Leading wholesale bank

To be recognized as the leading wholesale bank in the Americas, the division’s strategy is grounded in three key pillars, which includes focusing on the client, product, and geography. Scotiabank appears focused on increasing the bank’s relevance with global clients with leading financial advice and solutions and on expanding the bank’s full-service corporate offering, with a key focus on the Americas.

The post Buy This Dividend-Paying Stock to Boost Your Passive Income appeared first on The Motley Fool Canada.

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The Motley Fool recommends BANK OF NOVA SCOTIA. Fool contributor Nikhil Kumar has no position in any of the stocks mentioned.

2021