Holdout Scotiabank Finally Makes Commitment with Mondex Canada

By Kutler, Jeffrey | American Banker, June 18, 1997 | Go to article overview

Holdout Scotiabank Finally Makes Commitment with Mondex Canada


Kutler, Jeffrey, American Banker


Mondex has completed its Canadian sweep by signing Bank of Nova Scotia.

The Toronto-based bank was the only one of the top five nationwide commercial banks that had not made a Mondex commitment by May 21, when Mondex Canada declared that it had achieved near unanimity among major financial institutions.

The country's two largest, Royal Bank and Canadian Imperial Bank of Commerce, were charter members of the Mondex International ownership group last year. Like most of the major Canadian institutions, they are principally Visa credit card issuers but retained enthusiasm for Mondex even after MasterCard International bought 51% of the venture earlier this year.

Hongkong Bank of Canada and Credit Union Central, early supporters of the Mondex program, were joined last month by two more of the "big five" Bank of Montreal and Toronto-Dominion Bank-as well as Canada Trust, the Caisses Desjardins of Quebec, and National Bank of Canada.

Mondex Canada officials were confident all along that $127 billion-asset Bank of Nova Scotia, known as Scotiabank, would join the fold.

"Mondex is now represented by all major financial institutions in Canada and is well positioned to achieve great success as a new payment system," the Mondex Canada franchise said last week. …

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