Brian Porter said that out of 400 million interactions between the bank's clients and employees, Scotiabank (TSX:BNS) received eight complaints about sales practices last year.

TORONTO — Allegations of aggressive, and in some cases illegal, sales practices at several of Canada's biggest banks have put top executives on the defensive at annual meetings this spring, with Scotiabank's CEO telling shareholders on Tuesday the reports are "largely unsubstantiated."

Scotiabank CEO Brian Porter during the company's annual general meeting on April 4. (Photo: Cole Burston/Bloomberg via Getty Images)

"We take each of those eight very seriously," said Porter. "We investigate them. We're proud of the bank. We're proud of our employees. We've got very sound sales practices. We monitor and adjust them where we think it's necessary."

Porter was asked by a shareholder to respond to the reports by CBC, which cited unnamed employees at Canada's major banks who alleged they broke the law in order to meet sales targets and keep their jobs.

Porter's comments came on the heels of similar remarks made by TD Bank's CEO (TSX:TD) last week, who said that less than 100 of the complaints the bank received last year had compliance concerns.

Bharat Masrani said during his company's annual meeting on March 30 that TD has brought in a professional services firm to help the bank review its businesses in light of the reports.

"We're proud of the bank. We're proud of our employees. We've got very sound sales practices."

When asked by reporters if Scotiabank has any plans to launch a review or bring in external help, James O'Sullivan, head of Canadian banking, said the bank is constantly reviewing its businesses.

"We're constantly assessing the culture," O'Sullivan said, adding that the bank started doing so long before the fallout at Wells Fargo last year.

The U.S. bank publicly apologized and paid large penalties after it came to light that its employees had opened millions of unauthorized accounts and credit cards on behalf of clients.

Bank of Montreal (TSX:BMO) CEO Bill Downe also referenced Wells Fargo when asked by reporters about sales practice allegations.