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Email this10:32 am
December 12, 2009
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The OSFI superintendent has fast-tracked Scotiabank's CDIC member amalgamation, announced only late last year, by signing off on the letters patent of amalgamation and greenlighting the order to commence and carry on business effective May 1, 2024.
Effective May 1, 2024, MD Private Trust Company will be legally amalgamated into The Bank of Nova Scotia Trust Company, and CDIC rules for member amalgamations will apply (two years for demand deposits, less any withdrawals from the former institution's deposit balance, and to maturity or withdrawal for GICs and term deposits).
Unless we have some general practitioners on this forum, this is unlikely to effect anyone, but down goes the OSFI member list.
Details: https://gazette.gc.ca/rp-pr/p1/2024/2024-04-20/html/notice-avis-eng.html#nb4
Cheers,
Doug
10:43 am
April 20, 2019
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It’s any physician/ direct family member that may use MD wealth not “general practitioners”.
10:44 am
December 12, 2009
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suburbs4life said
It’s any physician/ direct family member that may use MD wealth not “general practitioners”.
Yes, just used general practitioner as a term to describe GPs, surgeons, other physicians, etc.
To be clear, I believe Scotiabank is maintaining the MD Wealth brand name; this is just a consolidate of of the MD Financial Management Inc., which remains, legal entity subsidiaries into Scotiabank.
11:22 am
April 20, 2019
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Yeah no problem. The whole sale was a contentious issue as it was. I don’t think many people use them anymore as it is. Many left after the sale was announced many years back. I suspect few to none would be involved with them on this forum for obvious reasons. However, It’s good to point out the final amalgamation with regards to Canada’s financial landscape 🙂
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