Scotiabank Hires Finning's Former CFO as Canadian Banking COO
Scotiabank told employees he'll assume the role of executive vice president and chief operating officer of its Canadian banking division later this year. Finning announced Palaschuk's departure as chief financial officer on June 12.
'He will oversee all Canadian banking operations activities, and he will also provide managerial oversight for automotive finance in Canada as we look to continue to grow and evolve the business,' Scotiabank spokeswoman Katie Raskina said in an email.
As Finning's CFO since 2020, Palaschuk overlapped in the firm's executive suite with Scott Thomson, now Scotiabank's chief executive officer. Thomson was CEO of Finning — a Vancouver-based company that sells, finances and services Caterpillar Inc. equipment — for almost a decade before joining Scotiabank as president in late 2022, in preparation for becoming CEO in early 2023. Thomson had been on Scotiabank's board since 2016, but the hiring of a banking outsider was still seen as a surprising move at the time.
Palaschuk, who will report to Aris Bogdaneris, head of Scotiabank's Canadian banking division, has a history in the finance industry, having spent the early years of his career in investment banking with Deutsche Bank AG and UBS Group AG in New York and later with Goldman Sachs Group Inc. in Calgary.
He's set to remain with Finning as an adviser through July to support the transition to new CFO David Primrose.
David Noel, Scotiabank's current COO of Canadian banking, will remain in that role until Palaschuk joins the firm on Sept. 2, Bogdaneris said in an internal memo seen by Bloomberg News. Noel will then become senior vice president of Canadian banking operations, reporting to Palaschuk.
--With assistance from Mathieu Dion.
More stories like this are available on bloomberg.com
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