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Scotiabank

From Alfawiki
Bank of Nova Scotia
Company typePublic
IndustryBanking and financial services
FoundedMarch 30, 1832; 194 years ago (1832-03-30) in Halifax, Nova Scotia, Canada
FounderWilliam Lawson (inaugural president)
Headquarters
Toronto
,
Canada
Area served
Worldwide (over 25 million customers)
Key people
Scott Thompson (President and CEO)
ProductsPersonal banking, commercial banking, wealth management, corporate banking, investment solutions
Number of employees
89000+ (2024)
Websitewww.scotiabank.com

The Bank of Nova Scotia (), known commercially as Scotiabank (), is a Canadian multinational financial institution headquartered in Toronto, Ontario. As one of Canada's Big Five banks, it holds the position of third largest by both deposits and market capitalization. In 2023, it was ranked 88th on the Forbes Global 2000 list. Scotiabank serves a global clientele exceeding 25 million and provides a range of services including personal and commercial banking, wealth management, corporate banking, and investment solutions. Employing over 89,000 individuals, the bank's assets totaled CA$1.41 trillion as of April 30, 2024. It is publicly traded on the Toronto () and New York () stock exchanges. The institution’s SWIFT code is NOSCCATT, and its official institution number is 002.

Established in 1832 in Halifax, Nova Scotia, Scotiabank shifted its headquarters to Toronto by 1900. It promotes itself as "Canada's most international bank," reflecting its extensive acquisitions primarily throughout Latin America and the Caribbean, along with operations in Europe and parts of Asia. The bank is a participant in the London Bullion Market Association and one of fifteen entities engaged in the London gold fixing. From 1997 until 2019, this role was fulfilled through its precious metals division known as ScotiaMocatta.

Brian J. Porter stepped down as Scotiabank’s president and CEO on January 31, 2023, with Scott Thompson appointed as his successor.

1832–1900: Founding and initial growth

The Bank of Nova Scotia was created in 1832 in Halifax, then under British colonial rule. It was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832, with William Lawson serving as its inaugural president. The bank’s original purpose was to facilitate trans-Atlantic commerce. In 1883, it took over the Union Bank of Prince Edward Island but mainly expanded through opening new branches.

The institution began branch banking in Windsor, initially concentrating on the Maritime provinces until 1882 when it ventured westward by establishing a branch in Winnipeg. Although that location eventually closed, expansion into the American Midwest continued with a Minneapolis branch opening in 1885, which was later relocated to Chicago in 1892. After Newfoundland’s banks failed in 1894, Scotiabank commenced operations there.

Its first Caribbean branch opened in Kingston, Jamaica in 1889—marking both its initial presence in the region and becoming the first Canadian bank branch established outside either the US or UK. By 1899, the bank had also set up a branch in Boston. By the close of the nineteenth century, Scotiabank operated throughout the Maritimes, Quebec, Ontario, and Manitoba.

1900–1960s: Growth and domestic strengthening

In 1900, the bank transferred its headquarters to Toronto, Ontario. Expansion continued with branches opening in Havana (1906), New York City (1907), and San Juan, Puerto Rico (1910). Key acquisitions included the Bank of New Brunswick in 1913 and Toronto’s Metropolitan Bank in 1914, elevating Scotiabank to Canada’s fourth largest financial entity. In 1919, it merged with the Bank of Ottawa.

Internationally, further branches were established in Fajardo, Puerto Rico (1919), London (1920), and Santo Domingo, Dominican Republic (1920). By 1931, multiple Cuban branches were operational.

Mid-century developments focused on broadening product offerings to meet changing consumer demands and regulatory frameworks. Following enactment of the National Housing Act, Scotiabank created a mortgage division in 1954 and introduced consumer credit services after amendments to the Bank Act came into effect in 1958.

The bank withdrew from Cuba in 1960 following government nationalization of banks there. During the 1960s, Scotiabank led Canadian banks by appointing women managers beginning in 1961 and expanded into Asia by establishing a Representative Office in Japan in 1962.

1970s–1990s: Expansion on the Global Stage

In 1975, the Bank of Nova Scotia introduced Scotiabank as its international brand identity. On September 28, 1978, it became the pioneer among Canadian banks to establish a collective bargaining agreement with a union, collaborating with the Canadian Union of Public Employees.

The year 1986 saw Scotiabank create Scotia Securities, providing discount brokerage and underwriting services. Throughout the late 1980s and into the 1990s, the bank expanded by acquiring several companies, including the brokerage firm McLeod Young Weir in 1988 and Montreal Trustco Inc. in 1994.

1997–2019: Leadership in Metals and Strategic Acquisitions

In 1997, Scotiabank purchased National Trust Company for Can$1.25 billion alongside Banco Quilmes in Argentina. By 2000, it had increased its ownership in Mexico’s Grupo Financiero Inverlat to 55%, subsequently rebranding it as Grupo Financiero Scotiabank Inverlat. The full acquisition of Inverlat was completed in 2003, reinforcing its presence in Mexico.

Due to a currency crisis, Scotiabank withdrew from Argentina in 2002 by closing its branches. The following year, its Guangzhou branch became the first Canadian bank authorized by China to conduct transactions using Chinese currency. Between 2007 and 2014, the bank raised its shareholding in Thailand’s Thanachart Bank from 24.98% to 48.99%; after acquiring Siam City Bank, Thanachart emerged as Thailand’s sixth largest bank with a customer base exceeding four million.

Scotiabank inaugurated offices in Bogotá, Colombia, in 2010. In 2011, it acquired a majority stake (51%) in Colpatria—Colombia’s fifth largest bank and second largest credit card issuer—for $1 billion CAD, marking one of the most significant Canadian financial deals abroad.

In 2012, Scotiabank reached an agreement to purchase ING Direct Bank of Canada from ING Groep N.V., finalizing the $3.13 billion CAD transaction within that year. ING Direct was rebranded as Tangerine in April 2014.

Following the implementation of the Canada-U.S. FATCA agreement in 2014, Scotiabank invested close to $100 million to develop systems that report account information of Canadians with U.S. connections to comply with American tax laws.

On July 14, 2015, Scotiabank announced its acquisition of Citigroup’s retail and commercial banking units in Panama and Costa Rica. This move expanded its customer base from 137,000 to 387,000 and increased its branch network by adding 27 locations to an existing total of 51.

Cedric Ritchie, former president and CEO who led Scotiabank from 1972 to 1995, passed away in March 2016. Under his guidance, the bank extended operations across more than 40 countries and grew its workforce to approximately 33,000 employees.

In 2017, Scotiabank became a member of the Enterprise Ethereum Alliance.

The bank acquired Montreal-based investment firm Jarislowsky Fraser in 2018 and completed a Can$2.9 billion transaction for a controlling interest (68.19%) in BBVA Chile, integrating it into Scotiabank Chile. In February 2019, Costa Rican authorities conducted a raid on Scotiabank's San José offices concerning alleged money laundering linked to former Peruvian president Alejandro Toledo. Later that year, OFG Bancorp agreed to purchase all Scotiabank branches located in Puerto Rico and the U.S. Virgin Islands for $550 million CAD.

In 2019, Scotiabank unveiled a refreshed brand identity featuring a new wordmark and corporate typeface that highlighted the shortened name "Scotia," while minimizing emphasis on its traditional S and globe emblem.

2020–present: Contemporary period and executive transitions

In 2022, the leadership aimed to decrease the prevalence of remote work arrangements.

On February 14, 2024, Jake Lawrence, who served as CEO and Group Head of Global Banking and Markets, left after a 22-year tenure to join Power Corporation in Canada. His responsibilities were split between Paul Scurfield, appointed as Global Head of Capital Markets within Global Banking and Markets, and Michael Kruse, who took on the role of Interim Global Head of Corporate and Investment Banking for the same division.

In February 2024, Scotiabank unveiled Canada's inaugural indigenous-owned investment dealer, Cedar Leaf Capital. This venture is a collaboration among two indigenous development corporations and one indigenous peoples corporation, each holding a 23.3% share, with Scotiabank maintaining the majority ownership. The bank intends to reduce its ownership once Cedar Leaf Capital becomes fully operational, thereby increasing investment opportunities for indigenous communities that constitute 5% of Canada's population.

August 2024 saw Scotiabank acquiring a 14.9% equity interest in KeyCorp, a regional bank based in the United States, for roughly $2.8 billion. The deal is anticipated to finalize in the first quarter of 2025 following regulatory clearance. Both organizations plan to evaluate potential commercial collaborations aimed at better serving their clients.

In November 2024, certain customers faced extended account access interruptions lasting multiple days due to planned maintenance activities.

January 2025 brought an announcement from Scotiabank regarding the acquisition of the remaining 43.9% stake in Scotiabank Colpatria (Colombia), accompanied by a Latin American merger strategy where Scotiabank will hold a 20% interest in Davivienda. Under this plan, Davivienda will integrate operations across Colombia, Panama, and Costa Rica, subject to obtaining regulatory approvals throughout 2025.

In June 2025, Alton McDowell, previously affiliated with JPMorgan Chase, was appointed as Global Head of Corporate Banking.

Acquisitions and mergers

Scotiabank has grown by merging with Canadian financial institutions and purchasing various international banks. While most acquired entities have been rebranded under the Scotiabank name, some branches such as former Montreal Trust and National Trust continue operating under the Scotiabank & Trust brand.

Banks merged with or acquired by Scotiabank
Bank Year founded Year merged or acquired
Canada Union Bank of PEI 1860 1883
Canada Summerside Bank 1866 1901
Canada Bank of New Brunswick 1820 1913
Canada Metropolitan Bank of Canada 1902 1914
Canada Bank of Ottawa 1874 1919
Canada Montreal Trust Company 1889 1994
Canada National Trust Company 1898 1997
Template:Country data UKTemplate:Namespace detect showall Mocatta Bullion 1684 1997, acquired from Standard Chartered
Template:Country data MEXTemplate:Namespace detect showall Inverlat 1991 1992, initial acquisition of a 5% stake by Scotiabank
Canada National Bank of Greece (Canada) 1982 2005
Template:Country data PERTemplate:Namespace detect showall Banco Wiese Sudameris 1920 2006
Template:Country data DOMTemplate:Namespace detect showall Banco Intercontinental 1986 2003
Template:Country data PERTemplate:Namespace detect showall Banco Sudamericano 1991 1997, with Scotiabank acquiring a 25% shareholding
Canada E-Trade Canada 1982 2008
Canada DundeeWealth 1998 2010
United States R & G Financial Corporation 1966 2010
Template:Country data URYTemplate:Namespace detect showall Nuevo Banco Comercial 2003 2011
Canada ING Direct Canada 1997 2012; rebranded as Tangerine Bank in the following year (2013)
Template:Country data COLTemplate:Namespace detect showall Banco Colpatria 1955 2012; majority ownership (51%) acquired by Scotiabank
Template:Country data URYTemplate:Namespace detect showall Discount Bank Uruguay

2015 acquisition

Canada Canadian Tire Bank

2003 | Acquired a minority stake (20%) in 2014 |

Canada Jarislowsky Fraser

1955 | Purchased in 2018 |

Canada MD Financial Management

1957 | Acquired in the year 2018 |

Template:Country data CHLTemplate:Namespace detect showall BBVA Chile

1883 | Gained controlling interest (68.19%) in 2018 |

Template:Country data COLTemplate:Namespace detect showall Template:Country data PANTemplate:Namespace detect showall Template:Country data CRITemplate:Namespace detect showall Template:Country data HONTemplate:Namespace detect showall Template:Country data SLVTemplate:Namespace detect showall Davivienda

1972 | Obtained a 20% stake in 2025; subsequently absorbed Scotiabank operations in Colombia, Panama, and Costa Rica |


Operating divisions

Scotiabank's operations are organized into four principal business segments:

  • Canadian Banking provides banking services and financial guidance to individual and commercial clients throughout Canada, including self-service banking options through Tangerine Bank.
  • International Banking offers retail and commercial financial products and advice in selected international regions, supported by services from Global Banking & Markets and Global Wealth & Insurance.
  • Global Wealth & Insurance (GWI) combines the bank’s wealth management, insurance businesses, and Global Transaction Banking across multiple countries and product categories.
  • Global Banking & Markets caters to corporate, government, and institutional clients globally with wholesale banking solutions and capital markets offerings.
Financial highlights by year
Metric 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Revenues, bn Can$ 10.365 10.727 10.261 10.295 10.726 11.208 12.490 11.876 14.457 15.505 17.310 19.646 21.299 23.604 24.049 26.350 27.155 28.775
Net income, bn $ 2.077 1.708 2.422 2.908 3.209 3.579 4.045 3.140 3.547 4.239 5.330 6.390 6.610 7.298 7.213 7.368 8.243 8.724
Assets, bn $ 284.4 296.4 285.9 279.2 314.0 379.0 411.5 507.6 496.5 526.7 594.4 668.2 743.6 805.7 856.5 896.3 915.3 998.5
Employees 46,804 44,633 43,986 43,928 46,631 54,199 58,113 69,049 67,802 70,772 75,362 81,497 86,690 86,932 89,214 88,901 88,645 97,629
Branches 2005 1847 1850 1871 1959 2191 2331 2672 2686 2784 2926 3123 3330 3288 3177 3113 3003 3095
Senior debt credit ratings (May 2014)
Agency Rating
DBRS AA Stable
Fitch AA- Stable
Moody's Aa2 Stable
Standard & Poor's A+ Stable


Within Canada

Scotiabank maintains branch offices in every Canadian provinces and territories except for Nunavut.

Internationally


Significant investment in UN-blacklisted Israeli financial institution and defense manufacturer

The Dynamic Fund managed by Scotiabank holds substantial positions in Mizrahi Tefahot Bank, an Israeli bank blacklisted by the UNHRC due to its financing of unauthorized settlements in Palestinian Territories. Additionally, the fund is heavily invested in Elbit Systems, an Israeli defense contractor involved in surveillance activities in the West Bank and known for spyware development.

Until May 14, 2024, Scotiabank’s Dynamic Fund subsidiary, 1832 Asset Management, possessed approximately a five percent ownership stake in Elbit valued near US$440 million; this was subsequently reduced to about two and a half percent holdings worth around US$237.6 million. These investments have raised several concerns:

  • The contradiction between Scotiabank’s ESG commitments and its exposure to a UN-blacklisted bank along with a contentious arms manufacturer
  • The Dynamic Global Discovery Fund dedicates roughly twelve percent of its assets to these two companies, indicating a significant concentration risk
  • The absence of transparent disclosure regarding the speculative nature of these holdings despite their associated risks

Fraud in Mexico

A 2001 inquiry into the homicide of Maru Oropesa, who managed a Scotiabank branch in Mexico City, uncovered a disappearance of US$14 million from the branch’s accounts. Initially, Oropesa and her former supervisor Jaime Ross had illicitly transferred US$5 million from client investment portfolios. These funds were then moved to the United States and used to acquire three airplanes. Subsequent investigations exposed an additional $9 million missing and implicated 16 other bank staff members in the fraudulent activity. Ross was found guilty of fraud and money laundering and received a 15-year prison sentence. While Scotiabank dismissed the other employees involved, it chose not to pursue legal action against them.

Unpaid overtime lawsuit

In 2014, Scotiabank resolved a class-action suit involving approximately 16,000 Canadian workers—including personal banking officers, financial advisors, and small business account managers—who had not been compensated for over ten years of overtime work from 2000 through 2013. The settlement compensated employees at 1.5 times their regular hourly rate at the relevant time, excluding interest, and Scotiabank incurred $10.45 million in legal expenses. This case ran parallel to a comparable class-action lawsuit filed against the Canadian Imperial Bank of Commerce (CIBC).

Wrongful dismissal lawsuit

In June 2005, David Berry, a leading Canadian trader at Scotiabank who generated $75 million annually through preferred shares trading, was terminated due to alleged violations of securities regulations. At that time, Berry earned more than twice the CEO’s salary via a direct 20% profit-sharing agreement, prompting management to curtail his earnings prior to his dismissal. The accusations effectively prevented him from securing employment with competing firms despite his capacity to contribute substantial equity trading profits.

Documents revealed that Scotiabank sought legal counsel regarding Berry’s termination before any allegations of misconduct by the Investment Industry Regulatory Organization of Canada (IIROC) emerged. IIROC investigations indicate that these charges were part of a strategy by management to remove Berry and restrict his ability to compete.

After more than seven years, on January 15, 2013, an IIROC hearing panel cleared Berry of all charges.

Berry pursued a $100 million wrongful dismissal claim against Scotiabank. By January 2015, nearly nine years post-termination, the bank reached a confidential settlement. Financial analyst Barry Critchley associated Scotiabank’s reported $55 million legal expenses with this lawsuit, although specific details remain undisclosed.

Sports

Scotiabank supports numerous sporting events such as the Calgary Marathon, the CONCACAF Champions League (since 2015), and the Jewish National Fund's "Pitch for Israel." It serves as the title sponsor for various races within the Canada Running Series: Banque Scotia 21k de Montreal along with 10k & 5k races held in April; Scotiabank Vancouver Half-Marathon & 5k Run/Walk in June; Scotiabank Toronto Waterfront Marathon, Half-Marathon & 5k in October; plus the Scotiabank Bluenose Marathon. Since 2005, the bank has sponsored CFL playoff semi-finals and conference finals—branded as Scotiabank East and West Semi-finals—and acts as the official financial services provider for the Canadian Football League. Additionally, it was a key sponsor for boxer Miguel Cotto during his 2009 fight against Manny Pacquiao.

The bank also backs sports leagues and teams such as Club Deportivo Guadalajara (from 2013) and holds a five-year sponsorship agreement with the Chilean Primera División starting in 2014. It is recognized as the official bank of both the National Hockey League and the National Hockey League Players' Association. Scotiabank was designated as the official bank for the 2007 Cricket World Cup. In 2010, it sponsored the World Rally Championship event known as Corona Rally Mexico. Since 2008, it has supported the Canada national cricket team and is title sponsor for Canada’s National T20 Championship. The bank also serves as official banking partner for the West Indies cricket team.

Scotiabank owns naming rights for several sports venues: the Scotiabank Aquatics Center in Zapopan, Mexico; Scotiabank Saddledome in Calgary (secured since October 2010); and the Scotiabank Centre in Halifax (from June 2014), under a decade-long agreement with annual payments of $650,000. The Halifax venue adopted its current name in September 2014. On August 29, 2017, Scotiabank acquired naming rights to Toronto’s Air Canada Centre for $800 million—a record-breaking deal—renaming it Scotiabank Arena on July 1, 2018. From 2006 until 2013, it held naming rights to Ottawa Senators’ arena as Scotiabank Place before Canadian Tire assumed those rights.

In 2022, Scotiabank secured naming rights for Winnipeg’s Bell MTS Iceplex but rebranded it as Hockey for All Centre to promote its diversity and inclusion initiatives.

Culture

Scotiabank has played a significant role in supporting major cultural initiatives across Canada. In 2005, it assumed the role of title sponsor for the Giller Prize. Between 2006 and 2015, the bank was the primary sponsor of Toronto's Nuit Blanche festival. Beginning in 2008, Scotiabank sponsored Toronto’s Caribana festival, which was subsequently renamed Scotiabank Caribbean Carnival Toronto, maintaining this collaboration until 2015. The bank also organized its inaugural hackathon in 2016, aimed at addressing Canadian debt-related challenges.

In 2007, Scotiabank collaborated with Canadian theatre chain Cineplex Entertainment to introduce the Scene+ loyalty rewards program. This initiative enables customers to accumulate points redeemable for movie tickets or concessions through a dedicated card or linked debit and Visa credit cards. As part of this partnership, five Cineplex theatres were rebranded as "Scotiabank Theatres." The agreement was extended in 2015 to run until October 31, 2025, with plans to rebrand an additional five locations. On December 14, 2021, Scotiabank and Cineplex unveiled an updated Scene+ program that combined Scene and Scotia Rewards points to offer enhanced benefits for customers.

Furthermore, Scotiabank holds naming rights for two post-secondary institution facilities: Scotiabank Hall at Brock University in St. Catharines and Scotiabank Hall within the Marion McCain Arts and Social Sciences Building at Dalhousie University in Halifax. The bank also maintains an academic partnership with the University of Waterloo Stratford Campus, supporting scholarships and initiatives focused on international development.

Awards

  • 2005 – Awarded "Bank of the Year" for Mexico, the Caribbean, and Jamaica by LatinFinance.
  • 2007 – Recognized as "Bank of the Year" by The Banker for operations in Trinidad and Tobago, Belize, and Turks and Caicos.
  • 2008 – Honored as "Bank of the Year" by The Banker in Barbados, Trinidad and Tobago, Guyana, and Turks and Caicos.
  • 2009 – Received "Bank of the Year" accolades from The Banker for Canada, Barbados, Dominican Republic, Trinidad and Tobago, and Turks and Caicos.
  • 2010 – Named "Bank of the Year" by The Banker in Barbados, Trinidad and Tobago, and Turks and Caicos.
  • 2011 – Awarded "Best Emerging Market Bank" by Global Finance Magazine for Jamaica, Barbados, Costa Rica, and Turks and Caicos.
  • 2012 – Earned "Global Bank of the Year" from The Banker, along with regional distinctions for Americas, Antigua, Barbados, Belize, British Virgin Islands, Canada, and Turks and Caicos.
  • 2013 – Designated "Bank of the Year" by The Banker in British Virgin Islands, Canada, Guyana, Jamaica, and Trinidad and Tobago.
  • 2014 – Received "Best Emerging Market Bank in Latin America" from Global Finance Magazine covering Jamaica, Barbados, Trinidad & Tobago, Turks and Caicos, and U.S. Virgin Islands.

Membership

Scotiabank is affiliated with the Canadian Bankers Association (CBA) and is insured under the Canada Deposit Insurance Corporation (CDIC), which safeguards deposits at Canadian chartered banks. It participates in the Global ATM Alliance, allowing clients to access ATMs from prominent international banks without incurring fees during travel. Partner institutions include Barclays (UK), Bank of America (US), BNP Paribas (France and Ukraine through UkrSibbank), Deutsche Bank (Germany), and Westpac (Australia/New Zealand). Additional notable memberships include:

Presidents

  1. William Lawson, 1832–1837
  2. Mather Byles Almon, 1837–1870
  3. James Donaldson, 1870–1871
  4. John Doull, 1871–1872
  5. Andrew Mitchell Uniacke, 1872–1874
  6. John S. Maclean, 1874–1889
  7. John Doull, 1889–1899
  8. Jarius Hart, 1899
  9. John Young Payzant, 1899–1918
  10. Charles Archibald, 1918–1923
  11. George Stewart Campbell, 1923–1927
  12. Samuel John Moore, 1927–1934
  13. John Andrew McLeod, 1934–1945
  14. Herbert Deschamps Burns, 1945–1949
  15. Horace Luttrell Enman, 1949–1956
  16. Charles Sydney Frost, 1956–1958
  17. Frank William Nicks, 1958–1970
  18. Arthur Holmes Crockett, 1970–1972
  19. Cedric Elmer Ritchie, 1972–1979
  20. John Alexander Gordon Bell, 1979–1992
  21. Peter Cowperthwaite Godsoe, 1992–2003
  22. Richard Earl Waugh, 2003–2013
  23. Brian Johnston Porter, 2013–2022
  24. Lawren Scott Thomson, 2022–

Chairpersons of the Board

  1. Samuel John Moore, 1933–1945
  2. John Andrew McLeod, 1945–1946
  3. Herbert Deschamps Burns, 1949–1955
  4. Horace Luttrell Enman, 1955–1959
  5. Frank William Nicks, 1962–1972
  6. Thomas Albert Boyles, 1972–1974
  7. Cedric Elmer Ritchie, 1974–1995
  8. Peter Cowperthwaite Godsoe, 1995–2004
  9. Arthur Richard Andrew Scace, 2004–2009
  10. John Thomas Mayberry, 2009–2014
  11. Thomas Charles O'Neill, 2014–2019
  12. Aaron William Regent, 2019–

Chief Executive Officers

  1. Frank William Nicks, December 1958 – January 1972
  2. Thomas Albert Boyles, January – December 1972
  3. Cedric Elmer Ritchie, December 1972 – January 1993
  4. Peter Cowperthwaite Godsoe, January 1993 – December 2003
  5. Richard Earl Waugh, December 2003 – October 2013
  6. Brian Johnston Porter, November 2013 – January 2023
  7. Lawren Scott Thomson, February 2023 –

Bank histories

See also

External links

  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named SM
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