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Big boost for business students

Scotiabank donates to international exchange program

By Jennifer O’Neill

Undergraduate business students pursuing international study abroad opportunities can access increased scholarship and bursary funding thanks to a generous donation from Scotiabank.

The $500,000 endowed donation, announced on April 7 as part of Scotiabank’s annual general meeting at the Johnson GEO CENTRE in St. John’s, will support an International Exchange Student Support Program within the Faculty of Business Administration.

“As Canada’s most international bank, supporting Memorial’s business students in their studies abroad demonstrates the importance we attach to Canadians gaining a broader understanding of different cultures,” said Rick Waugh, Scotiabank’s president and chief executive officer. “We are crossing into a new frontier in business that is increasingly global.

“To succeed in the coming years Canadian businesses will need to ensure that their workforces reflect and understand the diverse and multinational customers and communities they serve, both abroad and here in Canada.”

The donation – the largest single contribution Scotiabank has ever made to the university – will enable Business to strengthen its international outreach efforts by encouraging more students to develop international business competence.

Through the faculty’s International Programs Office (IPO), business students are able to spend a semester abroad at one of 27 partner institutions all over the world. Since 1993, nearly 400 students have gone on an international exchange.

“For students interested in studying abroad as part of their Memorial University experience, a scholarship, bursary, or award can often make all the difference,” said Dr. Christopher Loomis, Memorial’s president and vice-chancellor pro tempore. “Thanks to Scotiabank, more of our business students will be able to avail of these increasingly important and transformative opportunities.

“Scotiabank’s support will significantly advance our efforts to prepare our students for professional success in a complex, global business environment.”
Dr. Wilfred Zerbe, dean of the Faculty of Business Administration, said that Scotiabank’s support will help business students directly develop their cross-cultural skills and understanding of global business issues.

“In today’s business world, it is critical for students to understand how internationalization has impacted Canadian business, and the nature of the global business environment,” he said. “The bursaries, awards and scholarships created by this gift will make studying abroad more accessible for students who might not otherwise be able to take advantage of the international opportunities available to them.”

The donation was presented at a reception in advance of the bank’s annual general meeting on April 8.

Dr. Loomis, and Dr. Zerbe were joined by the Dr. John C. Crosbie, lieutenant-governor of Newfoundland and Labrador; John Mayberry, chair of Scotiabank’s board of directors; Scotiabankers and Memorial alumni Jane Rowe and Wendy Hannam; as well as members of the university community.

The Faculty of Business Administration has undergraduate exchange partnerships in Australia, Belgium, China, Czech Republic, England, France, Germany, Ireland, Italy, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Singapore and Sweden.

Internationally, Scotiabank operates in some 50 countries around the globe, but has particularly strong links to Latin America, the Caribbean, and Asia.