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What would you do if you had $800 million lying around?

4 Comments


Soon to be Scotiabank Arena for only $800+ million? By comparison, Rogers bought former SkyDome for a mere $25 million.

Scotiabank should be ashamed. They recently had a bit of extra change overflowing their vaults from all those service charges to customers so they decided to invest it in marketing. They’ve purchased the rights to have the Air Canada Centre, home of the Toronto Maple Leafs hockey team and Raptors basketball team, renamed Scotiabank Arena. I find this business decision to be an appallingly poor use of nearly a billion dollars. Let’s face it. We have five banks in Canada and because of excellent federal regulation our banks are strong and all five pretty much play on a level field. One’s as good as the next and they’re all pretty good. They pay reasonable dividends to investors and are less prone to financially raping their customers with dodgy lending schemes than the greedy American financial institutions. Therefore, how much do they need to market to a captive audience? To the tune of more than $800 million?

Off to a hockey game at Scotiabank Arena.

As a retired Corporate Marketing Manager I totally understand the merits of marketing and attaching your corporate name to a high-profile sports venue. Let’s leave that to the McDonald’s, the Coca-Cola’s and other brands like the beer companies who have a stake in the business. In the case of Scotiabank, their name on the Air Canada Centre would be flaunted in the faces of hundreds of thousands of commuters and visitors who drive past the old hangar on the Gardiner Expressway every day. Their head office tower in downtown Toronto with the reflective windows containing real gold is already an icon on the Toronto skyline. Do banks really need to promote to a captive audience with the kind of exposure offered by a sports and concert facility?

Imagine what else Scotiabank could have done with such an enormous amount of money if they put it to better use within the communities where they sell mortgages, finance car loans and invest our life savings. Have they ever considered a network of shelters for victims of domestic violence and homelessness? Scotiabank Shelters. Or what about investing in after school programs in economically and socially challenged neighbourhoods? Scotiabank Investing in Lives  programs. Many young people go to school hungry every day. Scotiabank Healthy School Meals. A large segment of our population is financially illiterate and have no hope of climbing out of the poverty and/or debt cycle. Perhaps support for education, mentoring and interning in financial institutions for young people? Scotiabank Banks on Futures.

Just imagine . . . Scotiabank Cancer Treatment Centre emblazoned on the front of the building.

More significantly, what about emblazoning the Scotiabank logo on a dedicated new cancer treatment facility? One billion dollars would fund one heck of a fine building. It could even include accommodation for family of out-of-town patients affected by onerous accommodation and parking costs at Toronto Hospitals—something like Ronald McDonald House for families of adult patients. Or they could build smaller facilities in rural communities that don’t have access to local treatment centres. I found Scotiabank’s choice of allocating nearly one billion dollars to having their name attached to a sports venue that charges hundreds and even thousands of dollars for tickets to events affordable by only the elite to be shameful and inappropriate. Banks have a greater corporate responsibility to serving their community and Scotiabank could have done so much more. It’s just wrong. Or am I?

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Author: Lynda Davis

As an early Baby Boomer, born in 1947, it seems to me that as we approach our retirement years, Boomers have gone from being the energy driving our nation to slowly becoming invisible. We risk losing our identity as society remains stubbornly youth-centric. And the irony is that Gen Xers and Ys are not the majority; we are. BOOMERBROADcast is my platform for being the voice of Baby Boomers, women in particular. We've generated a lot of changes over the decades but there's still a long way to go. After a 40-year career in the corporate world, I've taken up expressing the observations and concerns of our generation. Instead of pounding the pavement in my bellbottoms with a cardboard sign, I'm pounding my laptop (I learned to type on a manual typewriter and old habits die hard). If you have issues or concerns you would like voiced or have comments on what I've voiced, I'd love to hear from you. We started breaking the rules in the sixties and now that we're in our sixties it's no time to become complacent. Hope you'll stay tuned and if you like BOOMERBROADcast, share it with your friends. Let's rock n' roll! If you would like to be notified whenever I publish a new posting, click on the little blue box in the lower right of your screen that says +Follow→ Lynda Davis

4 thoughts on “What would you do if you had $800 million lying around?

  1. Right on, Lynda. Hope you did send it to Scotiabank.

    Like

  2. I would be sending this to the heads at Scotia and some of our newspapers. Just sayin.

    Like

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