Symcor Inc. and The Bank of Nova Scotia entered into a long-term outsourcing agreement. Symcor will manage all of Scotiabank's cheque and bill payment processing, including associated statement and report printing activities across Canada. The outsourcing transaction, valued at approximately $1.1 billion over 13 years, closed on February 3, 2003, and included the transfer to Symcor of almost one thousand Scotiabank employees, together with related assets and facilities across Canada.
Symcor was represented in-house by a team led by Gary Eisen, senior vice-president, general counsel and secretary, and including Richard Verdec and Jennifer Lazar, and by Stikeman Elliott LLP with a team that included Alison Youngman, Loreto Grimaldi and Andrea Crum-Ewing (outsourcing/corporate), Mario Paura and Andrew Elliott (real estate) and Lorna Cuthbert and Julie Thibault (labour/employment/pensions).
Scotiabank was represented by Robert Finkel and Erin Peyton of Milbank, Tweed, Hadley & McCloy LLP; in Canada, by McCarthy Tétrault LLP with a team led by David Judson and including Stephen Clark (bank regulatory), Dean Palmer (employment), Roger Chouinard and Ian Bies (corporate) and Jamie Knight (employment) of Fraser Milner Casgrain LLP, and by in-house assistant general counsel Bill Mandzia, Crystal Nikolich and Melina Nathanail (employment) and Boris Zayachkowski (real estate).