Have you invested in Bank of Nova Scotia (TSX:BNS)? As one of Canada's big bank stocks, Scotiabank offers investors plenty to love. But is Scotiabank stock a good buy right now?

Let's try to answer that question.

Meet Scotiabank

Scotiabank isn't the largest or most well-known of Canada's big banks. It is, however, the most international of the big banks. That's an important distinction because,e given the saturation of the big banks in Canada, international markets are where growth will come from.

Over the past decade, Scotiabank has developed a large branch network across the Latin American markets of Mexico, Peru, Columbia, and Chile. Those nations are part of a trade bloc known as the Pacific Alliance.

The Alliance is tasked with increasing trade and reducing tariffs between its members. The over 230 million people in the region have helped to bolster Scotiabank's results over the years, but the bank is now seeking a different strategy.

Specifically, the strategy being adopted by Scotiabank's new chief executive officer is to turn to both the Canadian and U.S. markets to fuel that growth.

That growth strategy includes a recent US$2.8 billion deal for a 14.9% stake in U.S.-based lender KeyCorp and a renewed focus on expansion in Quebec at home.

That factor alone makes Scotiabank stock a good buy, but there's still plenty to love.

The real reason to buy Scotiabank now

While Scotiabank's growth prospects are significant, there is another reason why investors continue to flock to the stock: its dividend.

Scotiabank has been paying investors a handsome quarterly dividend for well over a century without fail. As of the time of writing, the yield on that dividend is a very appetizing 5.31%, making it one of the best-paying dividends among the big banks (if not the entire market).

For prospective investors with $35,000 to invest (always as part of a diversified portfolio), that investment will generate an income of over $1,850. And that's not even the best part.

Scotiabank has an established cadence of providing investors with handsome annual upticks to that dividend. In other words, Scotiabank is a great buy-and-forget stock for any portfolio.

Final thoughts: Is Scotiabank stock a good buy?

No stock, even the most defensive, is without some risk. In the case of Scotiabank, that risk is present but is largely offset by the bank's large domestic segment. Scotiabank's generous quarterly dividend and intriguing growth prospects further the appeal of investing in the bank.

In my opinion, Scotiabank is an excellent long-term holding that should be a core holding as part of any well-diversified portfolio.

Buy it, hold it, and watch your portfolio grow.