A comprehensive suite of banking services tailored to Canadian physicians, the Scotiabank Healthcare+ Physician Banking Program is going live. Developed in collaboration with MD Financial, the programme aims to serve physicians at every stage of their careers.
Scotiabank says the programme will contribute to the well-being of physicians by helping to provide financial peace of mind.
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“Scotiabank appreciates the unique financial demands placed on physicians in their personal and professional lives,” says Glen Gowland, Executive Vice President and Head of Global Wealth Management at Scotiabank.
“We’ve built the Scotiabank Healthcare+ Physician Banking Program to meet those demands. Tailored financial solutions will help physicians at any stage in their career. Whether they’ve just begun studies or are starting up or winding down their
practice—wherever they study or practise in Canada.”
C$160,000: average medical student debts
For many medical students and residents, debt is a major concern. More than 83% of Canadian medical graduates report debt related to their medical education, with an
average debt load of more than C$160,000, according to the Association of Faculties of Medicine of Canada.
Under the Scotiabank Healthcare+ programme, medical students will benefit from education financing with flexible, competitive repayment terms and pricing.
Practicing physicians will be able to take advantage of a range of exclusive benefits that support them in building and managing their business. Retiring physicians, meanwhile, will be able to access customised investment opportunities to help enable their lifestyle after their career has ended.
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By GlobalDataScotiabank Healthcare+ follows MD Financial acquisition
Last May, Scotiabank acquired MD Financial in a deal worth C$2.6bn.
Established in 1969, MD Financial has 110,000 clients consisting of 45,000 physicians and 65,000 family members and employees.
At the same time, Scotiabank agreed a ten year deal with the Canadian Medical Association. Under the deal, the CMA promotes Scotiabank as its preferred provider of financial products and services to physicians and their families in Canada.
Last December, rivals Toronto Dominion launched TD Wealth Management for Health Care Practitioners.
