Scotiabank elevates its Kolkata-born vice-chairman

November 1st, 2008 - 1:37 pm ICT by IANS  

Toronto, Nov 1 (IANS) Kolkata-born Sarabjit (Sabi) Marwah, the top-ranking Indo-Canadian in corporate Canada, was Friday appointed as vice-chairman and chief operating officer of Scotiabank.Till now, Marwah has been serving as vice-chairman and chief administrative officer of Scotiabank - which is Canada’s second largest and its most international bank, with operations in more than 50.

The new role confirms his number two position in the bank hierarchy.

Announcing his appointment, Scotiabank president and CEO Rick Waugh said, “Sabi Marwah’s contribution to Scotiabank continues to be significant and his leadership and guidance are valued within the Bank.”

“I am very pleased to make this announcement and look forward to working with Sabi as his role expands into new areas,” said Waugh.

Marwah has been with the bank for almost three decades, joining its finance department as a financial analyst in 1979.

Over the years, he has held senior positions within the finance department, including senior vice-president and comptroller, and senior executive vice-president and chief financial officer.

In 2005, Marwah was appointed vice-chairman and chief administrative officer.

In his new role, he will continue to report directly to the president and CEO.

In addition to his responsibilities for many of the bank’s administrative functions, he will also oversee global transaction banking, corporate insurance, investments and economics.

Born in Kolkata in 1952, Sabi Marwah did his schooling at the local St Xavier’s School. In 1970, he joined Delhi’s St Stephen’s College for his graduation. Then he joined to Delhi School of Economics for his masters.

Later, Marwah went to the University of California in Los Angeles (UCLA) to finish his MBA in 1978.

The mild-mannered Sikh is well respected in Toronto’s corporate and social circles.

Marwah has also served on the board of Canada’s biggest newspaper Toronto Star. He has also been instrumental in expanding his bank operations in India.

“We have only five branches in India and we would like to have many more. But the government of India does not allow us,” Marwah told IANS recently.

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