"We are confident in our future as a
leading bank in the Americas," says
President & CEO Brian Porter in
his address to investors and analysts
SANTIAGO, Jan. 23, 2020 /CNW/ - Scotiabank today completed
its Investor Day in Santiago,
Chile. The event featured presentations from the Bank's
leadership team, including President and CEO Brian Porter who addressed the investors on the
Bank's growth strategy and outlook: "we are confident in our future
as a leading bank in the Americas."
Mr. Porter outlined the significant efforts undertaken in recent
years to strengthen the Bank, highlighting three key principles
that have guided Scotiabank's efforts: the Bank's focus, its
commitment to its customers, and its winning team.
Sharper focus
The Bank's six core markets represent more than 85% of
Scotiabank's earnings. "We are the only bank with a significant
presence in Canada, the US,
Mexico, Peru, Chile
and Colombia," said Mr. Porter.
"These are high-quality, stable democracies with strong
institutions, open economies, and – importantly – free trade
agreements, which are essential to their long-term growth and
prosperity."
In terms of the Bank's business mix, "Global Wealth Management
is a critically important business where we are focusing on
growth," said Mr. Porter. "Our recent decision to report Wealth
Management as an independent business line reflects the greater
breadth of our business, as well as our confidence in our ability
to grow it."
Commitment to customers
Mr. Porter also spoke to the Bank's "unwavering commitment to
our customers." This includes significant investments in technology
that allow the Bank to better understand customers' expectations
and financial goals.
"Everywhere we operate, digital and mobile banking is growing
quickly," said Mr. Porter. "We aspire to be the best in this space
and offer a great experience to our customers."
Building a winning team
Scotiabank has put a significant emphasis in recent years on
developing strong talent, and attracting industry leaders to the
Bank. "From my perspective, our team is stronger than it has ever
been," said Mr. Porter. "It is well aligned and brings energy,
confidence, and commitment to delivering high-quality, consistent
and predictable earnings to our shareholders."
In closing, Mr. Porter told investors that "we have radically
simplified the Bank's operations, removed distractions, and focused
on the Americas. Today, we are a highly-competitive player in each
of our core markets, with multiple avenues for growth."
Key highlights from Scotiabank's Investor Day:
- Scotiabank is a leading bank in the Americas
- The Bank's six "core markets" are Canada, the US, Mexico, Peru,
Chile and Colombia. Scotiabank is the leading bank in
the Caribbean.
- The six core markets contribute 85% of NIAT (95% including the
Caribbean).
- Scotiabank has competitive scale in high growth markets with
favourable operating environments for banking.
- The repositioning of the Bank's geographic footprint is
"substantially complete." It has simplified and focused the
Bank.
- Capital deployment is focused on share buybacks while the Bank
remains well positioned for any M&A opportunities.
- Outlook for PCLs is stable. There is common risk management
governance across the Bank.
- Scotiabank is focused on realizing the "digital dividend" from
technology investment—a better productivity ratio and greater
customer satisfaction.
Additional Information:
- Scotiabank Investor Relations
About Scotiabank
Scotiabank is a leading bank in the
Americas. We are here for every future. We help our
customers, their families and their communities achieve success
through a broad range of advice, products and services, including
personal and commercial banking, wealth management and private
banking, corporate and investment banking, and capital markets.
With a team of more than 100,000 employees and assets of
over $1 trillion (as at October 31, 2019),
Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New
York Stock Exchange (NYSE: BNS). For more information, please
visit www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank