Scotiabank CFO takes on regulatory role

Bank of Nova Scotia (Scotiabank), which operates in more than 50 countries, has created a top-level executive role to deal with the global financial industry's increasingly complex regulatory environment, Reuters Canada reports.

Luc Vanneste, currently Scotiabank's CFO, will take on the new role of executive VP of enterprise effectiveness, from 2 January 2012, according to Canada's third-largest bank.

Sean McGuckin, an executive on Scotiabank's global risk management team, will replace Vanneste as CFO.

This comes at a time when Canadian banks are rushing to meet Basel III capital and liquidity requirements, which were designed by global regulators in the wake of the financial crisis. They're also in the midst of adopting new international accounting standards.

Vanneste will be responsible for enhancing organisational effectiveness as the bank aligns its global priorities and strategies with its approach to evolving regulatory, compliance and governance trends, Digital Journal states.

Bloomberg Businessweek says Marianne Hasold-Schilter, chief auditor, was appointed chief administrative officer, starting this month, and Grant Mick, a senior VP, will succeed her, according to a statement.