March 21, 2016 / 11:23 PM / 3 years ago

Canada's Scotiabank ex-CEO Ritchie dies at 88

A Scotiabank logo is pictured at the company's AGM in Kelowna, British Columbia April 8, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS LOGO) - RTR3KGJ2

(Reuters) - Bank of Nova Scotia, Canada’s third-largest bank, said its former chief executive Cedric Ritchie, aged 88, died on Monday.

Ritchie, who was a director at the bank, was the chief executive and chairman of Scotiabank from 1974 to 1995.

Scotiabank, in first week of March, said that it has set aside more funds to cover bad loans in the oil and gas sector and warned of worse to come as the slump in crude prices hurts its energy clients.

Reporting by Rishika Sadam in Bengaluru

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