Greg Palaschuk to oversee banking operations and auto finance as focus shifts to core market growth
Bank of Nova Scotia has hired Finning International’s chief financial officer, Greg Palaschuk, to take on a top leadership role in its Canadian banking division as part of its strategy to grow domestic operations and strengthen cross-market referrals.
According to an internal memo reported by Bloomberg, Palaschuk will become executive vice-president and chief operating officer of Canadian banking on September 2.
He will report to Aris Bogdaneris, head of the division, and oversee all Canadian banking operations and automotive finance.
Scotiabank spokesperson Katie Raskina said in an e-mail that he “will also provide managerial oversight for automotive finance in Canada as we look to continue to grow and evolve the business.”
Palaschuk’s appointment aligns with Scotiabank’s 2023 strategic pivot under chief executive Scott Thomson, who pledged to reallocate 90 percent of the bank’s capital to key markets in Canada, the US, and Mexico—up from 70 percent in 2023.
According to The Globe and Mail, a major goal is to expand customer portfolios by boosting referrals across these three regions.
The bank has also been working to increase its domestic deposit base to manage high funding costs.
As per Finning’s announcement, Palaschuk will remain with the company through July in an advisory capacity to support the transition to incoming CFO David Primrose.
He joined Finning in 2014 and became CFO in March 2020, working closely with then-CEO Thomson.
Finning, a Vancouver-based dealer of Caterpillar equipment, operates extensively in Latin America and Chile’s copper-mining sector—markets that overlap with Scotiabank’s international footprint.
Palaschuk’s early career included roles in investment banking at Deutsche Bank and UBS Group in New York, followed by a vice-president position in natural resources investment banking at Goldman Sachs in Calgary and New York.
David Noel, Scotiabank’s current COO of Canadian banking, will remain in the role until Palaschuk’s arrival and then transition to senior vice-president of Canadian banking operations, reporting to Palaschuk, as stated in the internal memo seen by Bloomberg.
