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The Bank of Nova Scotia, commonly referred to as “Scotiabank,” is Canada’s third largest chartered bank. Incorporated in 1832, the bank has established itself as Canada’s most international bank through extensive operations throughout Latin America, the Caribbean, Central America and parts of Asia. It is also known as “Canada’s gold bank” because of its dominant position in bullion trading. The bank also operates three other business lines: personal banking, commercial banking, and wealth management. Scotiabank is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BNS and on the Trinidad and Tobago Stock Exchange under the symbol SBTT. In 2020, Scotiabank registered $31.3 billion in revenue and $7.0 billion in profit and held $1,136billion in assets. The bank employs more than 92,000 people, who serve more than 25 million customers around the world.

Money consists of anything that is generally accepted for the settlement of debts or the purchase of goods or services. The evolution of money as a system for regulating society’s economic transactions represented a significant advancement over earlier forms of exchange based on barter, in which goods and services are exchanged for other goods or services. Canadian money has its roots in the Indigenous wampum belts of the East, the early currencies of European settlers and the influence of the United States.

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Royal Bank of Canada (RBC) was founded in 1864. Today, it is the country’s largest chartered bank and financial institution. It has five divisions: Personal and Commercial Banking, consisting of banking operations in 36 countries around the world; RBC Wealth Management, consisting of investment products and services for retail investors; RBC Capital Markets for international investment banking services; RBC Insurance for individual and group clients; and Investor and Treasury Services, providing custody services and fund administration for international clients. Royal Bank is a public company that trades on the Toronto Stock Exchange, New York Stock Exchange and SIX Swiss Exchange under the symbol RY. In 2020, RBC registered $47.2 billion in revenue and $11.4 billion in profit and held $1.62 trillion in assets. Royal Bank employs more than 86,000 people, who serve 17 million customers.