National Bank Hires Scotiabank Mining Investment Banking Team

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National Bank Financial Inc. hired a team of three mining and metals investment bankers from Scotia Capital Inc., adding new management to a unit that has been without a permanent head since the spring.

Elian Terner joins National Bank as Head of Metals and Mining after spending more than 20 years at Scotiabank, where he was until recently Managing Director.

Mr. Terner from the same group at Scotiabank will move to National Bank with John O’Sullivan, who will be managing director, and Mary Zhang, vice-president. At Scotiabank, Mr. O’Sullivan was a director and Ms. Zhang was an associate director.

National Bank has been looking to replace the head of its mining and metals team since last April, when former head Jason Ellefson left the bank.

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The hires, announced just before banks pay end-of-year bonuses, could come at a steep price. National Bank will likely have to return Mr. Terner, Mr. O’Sullivan and Ms. Zhang in full on any bonuses they may have received from Scotiabank as well as any deferred compensation from previous years as part of their new compensation. Competition for investment bankers is intense in a tight job market, and banks are expected to pay inflated bonuses this year, in part to try to avoid losing talent to competitors.

“Mining is a very important sector in the Canadian economy and we are focused on continuing to grow our presence in this space,” National Bank spokesperson Claude Breton said in an email.

Mr. Terner, Mr. O’Sullivan and Ms. Zhang could not be reached for comment.

These changes are in addition to recent staff turnover in the senior ranks of Scotiabank’s mining and metals team. In September, the bank hired Matthew Hind of Credit Suisse to be its global head of mining and metals. The following month, chief executive Geoff Smith left Scotiabank to take up the post of president and chief operating officer of Carbon Streaming Corp., an investment vehicle focused on environmental, social and governance principles.

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