CEO Scott Thomson sets his focus on Latin America in first annual shareholders meeting
chief executive Scott Thomson says he is aiming to rejig the lender, as he sets his focus on Latin America after years of paltry investor returns.
For Scotiabank and Mr. Thomson, the spotlight on Mexico is part of a larger effort to make inroads in the Latin American trading bloc known as the Pacific Alliance – which also includes Peru, Colombia and Chile. Mr. Thomson told shareholders he plans to grow Scotiabank’s commercial and wealth banking businesses in the region by grabbing market share in industries that benefit from Mexico’s export agreements.
The CEO said the strategy is aimed at improving investor returns and growing customer portfolios. Among its Big Six peers, Scotiabank’s share price is the only one to have posted a loss over the past five years. At the CIBC shareholder meeting, Mr. Dodig said Canada should focus on measures that will bolster economic growth, such as the federal government’s plan to boost immigration. The meeting bucked industry norms
“Do we have housing availability so that those who are looking to build their hopes and dreams in Canada have a housing system that’s working to their advantage as well – in addition to Canadians already here?” Mr. Dodig asked. “When you have a good thing like immigration working for you, the entire ecosystem needs to work for you.”
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