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Scotiabank is creating a global wealth management business line.

In a release Tuesday, the Toronto-based bank said the new business line, Global Wealth Management, would be effective Nov. 1 and reflect the bank’s commitment to “accelerating” its wealth management strategy.

That strategy includes last year’s acquisitions of MD Financial Management and Jarislowsky Fraser, and a focus on achieving scale across Canada and the bank’s key international markets.

The Global Wealth Management business line will be led by Glen Gowland, executive vice-president of global wealth management. Gowland has more than 25 years of experience in investment management and banking, and joined Scotiabank in 2000.

The release said Scotiabank’s Canadian banking segment will remain focused on the businesses of personal and commercial banking, and insurance.

In preparation for the new global wealth management business and changes to the Canadian banking business unit, James O’Sullivan, group head of Canadian banking, will transition to a strategic advisor role for the bank, effective June 1, advising on key banking and policy matters.

Dan Rees will be appointed group head of Canadian banking, effective June 1.