TORONTO (Reuters) - Bank of Nova Scotia (BNS.TO), which operates in more than 50 countries, is creating a new top-level executive role to deal with the global financial industry’s increasingly complex regulatory environment.
Luc Vanneste, currently Scotiabank’s chief financial officer, will take on the role effective January 2, Canada’s No. 3 bank said in a statement on Monday.
Sean McGuckin, an executive on Scotiabank’s global risk management team, will replace Vanneste as CFO.
As executive vice-president of enterprise effectiveness, Vanneste will focus on “enhancing organizational effectiveness as the bank aligns its global priorities and strategies with its approach to evolving regulatory, compliance and governance trends,” the bank said.
Canadian banks are rushing to meet “Basel III” capital and liquidity requirements, which were designed by global regulators in the wake of the financial crisis. They’re also in the midst of adopting new international accounting standards.
In addition, several countries are pushing through separate financial regulation to beef up protections to their financial industries.
“It was important to create a role at the executive management level in light of the evolving nature of the global regulatory environment,” spokeswoman Paula Cufre said in an email.
Vanneste has been with the bank since 1999 and became CFO in 2005.
Reporting By Cameron French; editing by Janet Guttsman