Terri-Lee Weeks, executive vice-president of Scotiabank’s retail customer segment, will become president and CEO of Tangerine on Nov. 1
The popularity of what are known as direct banks – virtual financial institutions without brick-and-mortar branches that typically offer higher interest rates on savings accounts and no-fee chequing accounts – has ballooned in recent years.
Scotiabank has tapped Terri-Lee Weeks, who is executive vice-president of its retail customer segment, as the next president and CEO of Tangerine, effective Nov. 1. Ms. Riley will take on a role as strategic adviser until Dec. 31, and will serve as chair of the board of Roynat Capital, Scotiabank’s alternative financial unit.
“Together with the team, I am so proud to have built a market-leading brand in Canada that provides outstanding customer value and mobile capabilities that are best in class,” Ms. Riley said in a statement. “I feel confident that this is the right time to pass the torch to a new leader who will continue to build on our track record of success.”
She will have the task of growing Tangerine’s customer base, which Scotiabank is betting will grow its deposit pool – a cheaper source of bank funding than other methods.
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