SOURCE: Scotiabank


April 08, 2014 13:30 ET

Scotiabank Growth Strategy to Focus on Canada, Latin America

Brian Porter, President and CEO, Addresses Scotiabank's 182nd Annual Meeting

KELOWNA, BC--(Marketwired - April 08, 2014) - Scotiabank, Canada's most international bank, is pursuing a long-term growth strategy focused on four key Latin American markets. The bank plans to reinforce its existing presence in Peru, Colombia, Mexico and Chile, by looking for more opportunities to leverage its' businesses within those countries.

In particular, Scotiabank will leverage its strength in specific areas by exporting expertise to other countries in the region.

Addressing Scotiabank's 182nd annual meeting, President and CEO Brian Porter noted that going forward, the bank will focus on the longer term and on fewer areas.

"We will drive shareholder value by sharpening our focus on areas that will have the greatest impact on results," said Mr. Porter. "As CEO, one of my key responsibilities is to provide a strong sense of direction on those areas where we can become an even better bank."

Speaking about the four Latin American countries, Mr. Porter said: "Despite some volatility over the past few months, not all emerging markets are equal. We have chosen well. We're comfortable with our footprint in Latin America."

He explained that each of the countries has attractive economic fundamentals, disciplined fiscal management and a strong banking and regulatory system. On that foundation, long-term growth is being driven by a young and educated middle class that increasingly is looking for financial services.

Scotiabank is also well-positioned to serve the growing number of Canadian companies doing business in the region.

"We've had good success following our Canadian customers as they've expanded in the region," said Mr. Porter.

Growth is also at the top of Scotiabank's agenda in Canada.

The bank will achieve that growth by deepening existing customer relationships and building new ones, using its unique distribution channels. These include mortgage brokers, Tangerine direct banking, the SCENE program and its sponsorship of the National Hockey League.

These channels already drive 50 per cent of Scotiabank's new customer acquisitions.

"Our first priority is to be more focused on our customers," said Mr. Porter. "We need to look at everything we do through our customers' eyes. We need to make it easier for them to do business with us."

Although Mr. Porter did not rule out future acquisitions that "are on strategy and meet our strict internal criteria," he insisted there is strong growth potential in Scotiabank's Canadian and international operations.

About Scotiabank
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $783 billion (as at January 31, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit

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