Scotiabank’s maxim is sustainable revenue growth; from its base in a mature banking market this means international growth - and several strategic acquisitions, particularly in Latin America and the Caribbean, played a central role in Scotiabank’s performance over the past 12 to 15 months.
But Scotiabank is not ignoring its home market, where it continues to strengthen its position through acquisition. In the past year, it acquired Dundee Bank and made a key investment in DundeeWealth. It also purchased TradeFreedom, an online brokerage boutique, and continued to build its automobile financing platform with the purchase of Travelers Leasing Corporation.
There has been organic domestic growth, too. Scotiabank introduced a team of 39 new investment sales coaches and hired 106 advisors to bolster its wealth management business, and opened 35 retail bank branches in high-growth markets.
“Scotiabank is uniquely positioned to deal with today’s challenging markets and, at the same time, grow our businesses,” says Rick Waugh, president and CEO at Scotiabank. “We have a strategy of diversification, proven risk management capabilities and a strong risk management culture across our bank, and a solid base of well-managed capital to provide a cushion and fund new opportunities. Perhaps most importantly, we have a team that works together across business lines and geographies to get things done for our customers.”
