Scotiabank COO Marwah to Retire Next Month

Bank of Nova Scotia, Canada’s third-largest lender by assets, said Vice Chairman and Chief Operating Officer Sarabjit Marwah is leaving the company after 35 years.

Marwah, 62, will retire effective May 30, the Toronto-based bank said today in a statement. Scotiabank will realign some executive positions with his departure, the firm said.

Chief Financial Officer Sean McGuckin will report directly to Chief Executive Officer Brian Porter and will assume expanded responsibility, the bank said.

Marwah joined Scotiabank in Toronto in 1979 as a financial analyst and later advanced through more senior positions within the finance department, including comptroller and executive vice president. He became CFO in 1998 and senior executive vice president and CFO in 2002. He became vice chairman and chief administrative officer in 2005.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net; David Scanlan at dscanlan@bloomberg.net David Scanlan

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