This operation strengthened Scotiabank’s position in retail and commercial banking, and added three profitable subsidiaries, in leasing, brokerage services and pensions. In addition to the merger, both banks are migrating to a new core banking platform that will enable the new group and its branches to connect seamlessly with its counterparts throughout Latin America.
Before the merger, Scotiabank undertook an aggressive programme of organic growth based on product innovation, relationship management and a 50% increase in the branch network. It achieved a solid position in the booming mortgage business.
In corporate banking, the group has leveraged its global strength and risk management knowledge to reap the benefits of explosive growth in the construction industry. The result was another year of solid financial performance, with good prospects for continued growth.
“The new Scotiabank is a formidable financial institution breeding excellence and leadership in its banking operations as well as its subsidiaries,” says vice-president and general manager Luis Liberman. “In retail banking, we will expand our branch coverage and enhance our relationship management programmes. We will enhance our commercial business by creating synergies between our international strength and local expertise. Our leasing, brokerage and pensions companies will become the foundation for diversification and expansion into the region.
“Lastly, the most important asset for Scotiabank is its people: their commitment and passion will make a reality of our value proposition: ‘A better bank for Costa Rica, and for you’.”
