Leadership Transition at Tangerine

In a significant leadership shift, Gillian Riley, the long-serving CEO of Tangerine, is stepping down after more than three decades at the Bank of Nova Scotia. This transition comes as Scotiabank doubles down on its digital banking strategy to attract a broader customer base and enhance its deposit offerings.

The Rise of Direct Banks

The rise of direct banks—virtual institutions that operate without physical branches—has seen a meteoric increase in popularity over the past few years. These banks typically lure customers with competitive interest rates on savings and no-fee checking accounts, making them an appealing alternative to traditional banking.

Strategic Focus on Tangerine

Scotiabank's CEO Scott Thomson has identified Tangerine as a pivotal component of the bank's future growth and a vital source of customer deposits. As part of this strategic focus, Terri-Lee Weeks, currently serving as executive vice-president of Scotiabank's retail customer segment, has been appointed as the new president and CEO of Tangerine, effective November 1. Riley will transition into a strategic advisory role until the end of the year and will also chair the board of Roynat Capital, Scotiabank’s alternative financing unit.

Gillian Riley's Legacy

Having led Tangerine for six years, Gillian Riley joined Scotiabank in 1994 and has amassed a wealth of experience spanning commercial banking, small business, retail banking, and wealth management. Notably, she launched the Scotiabank Women Initiative, aimed at empowering individuals who identify as women or non-binary to achieve their economic aspirations.

Riley's Farewell Statement

In her farewell statement, Riley expressed pride in the accomplishments of her team: “Together, we have built a market-leading brand in Canada that provides outstanding customer value and top-tier mobile capabilities. I believe this is the right moment to pass the torch to a new leader who will expand upon our legacy of success.”

Terri-Lee Weeks: The New Leadership

Terri-Lee Weeks, the incoming president and CEO of Tangerine, brings a robust background in financial services, having joined Scotiabank three years ago. Her previous experience includes a 17-year tenure at the Royal Bank of Canada, where she was senior vice-president of personal savings and investments. Weeks is expected to focus on expanding Tangerine’s customer base, which is critical for increasing the bank’s deposit pool—a more economical funding source compared to traditional loans.

Tangerine's Growth Potential

With over two million clients and more than $40 billion in total assets, Tangerine is poised for growth. Scotiabank has ambitious plans to add over 500,000 'primary' retail customers—clients with a daily checking account and additional banking products. Recent reports indicate that the Canadian retail banking sector, including Tangerine, witnessed an increase of 143,000 new primary clients this year alone.

Looking Ahead in Digital Banking

As Scotiabank aims to solidify its position in the competitive landscape of digital banking, all eyes will be on the new leadership at Tangerine to see how they will navigate this rapidly evolving industry. Stay tuned for more updates on this dynamic shift in Canada’s banking scene!