High-profile executive to head bank’s Canadian banking division
The Bank of Nova Scotia has named former Finning International Inc. CFO Greg Palaschuk for a C-suite role in its Canadian banking division as part of the lender’s ongoing push to strengthen core operations in Canada, the US, and Mexico.
Palaschuk will step in as executive vice president and chief operating officer of Scotiabank’s Canadian banking unit later this year, the bank told employees in an internal email.
“He will oversee all Canadian banking operations activities, and he will also provide managerial oversight for automotive finance in Canada as we look to continue to grow and evolve the business,” said Scotiabank spokeswoman Katie Raskina.
Palaschuk’s hire also reunites him with Scott Thomson, who left Finning in late 2022 to become CEO of Scotiabank. Although Thomson had served on the bank’s board since 2016, his appointment from outside the banking sector was seen as unconventional at the time.
Palaschuk officially departed Finning on June 12, when the company announced his exit. His start date at Scotiabank has not been disclosed.
Palaschuk served as Finning’s CFO since March 2020, a role that saw him manage operations in Latin America and Chile, markets that overlap with Scotiabank’s regional priorities. Finning, headquartered in Vancouver, is the world’s largest Caterpillar equipment dealer.
Before joining Finning in 2014, Palaschuk held senior investment banking roles at Goldman Sachs, UBS Group, and Deutsche Bank, with experience in mergers, acquisitions, and natural resources.
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Palaschuk’s appointment comes as Scotiabank executes a multi-year strategy aimed at reallocating capital to its most profitable markets. By 2025, Scotiabank aims to allocate 90% of its capital, up from 70% in 2023, to its operations in Canada, the US, and Mexico.
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