Mission statement of Scotiabank

Topics: Bank, Statements, Value system Pages: 3 (708 words) Published: February 23, 2014


Introduction
Having clear mission is one of the key elements of successful strategy1. The purpose of this report is to evaluate Scotiabank’s current mission statement to ensure all the key components of a good mission statement are mentioned. The analysis of relationship between Scotiabank’s mission and my daily activities will also be addressed in this report. Conclusion will be made at the end of this report.

Evaluation of Current Mission Statement
Scotiabank’s Current Mission Statement:
“Scotiabank is a leading financial services provider in over 55 countries and Canada’s most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. Our core purpose is to be the best at helping customers become financially better off. Scotiabank’s continued growth and success is founded on several key factors. (Appendix 2) Scotiabank’s Core Values are: Integrity; Respect; Commitment; Insight; Spirit (Appendix 3)

Evaluation of Current Mission Statement
There are three key components of a good mission statement: Purpose, Core Value, and Vision2. Scotiabank’s current mission statement firstly clearly identifies the reason of the existence of company, product and service focus, current position and target market, and also its geographical market area which is in over 55 countries. It is also positioned the vision of Scotiabank as “to be the best at helping customers become financially better off” and “Canada’s most international bank”. And those key factors not only identify the key stakeholders such as customers and team of employees, but also reinforce the competitive advantages and strengths of Scotiabank. The core values then provide a great communication through the entire company and help build the employee commitment and loyalty and reinforce the...
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