Bank of Nova Scotia announced Tuesday that it has it merged its domestic and international wealth management and insurance divisions into a single global wealth division.

The initiative by the Toronto-based company is designed to create a fourth business line as part of its strategy to develop a strong fee-based business for managing assets.

"With these changes Scotiabank will be well-positioned to seize significant global business opportunities that align with our strategic plans," Scotiabank Chief Executive Rick Waugh said in a statement.

Bank of Nova Scotia, which is Canada's third-largest bank, would have four business lines: Canadian banking; international banking; Scotia Capital, its investment bank; and global wealth management. The company’s existing wealth and insurance business in Canada and internationally will be combined a single unit.

Chris Hodgson, who ran the Canadian bank, was named group head of wealth management. Anatol von Hahn, who joined Scotiabank in 1984 and was executive vice-president, personal and commercial banking, replaces Hodgson as group head of Canadian banking.