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Canada's Scotiabank has muscle to make acquisitions -CEO

Published 2016-04-12, 11:44 a/m
© Reuters. Canada's Scotiabank has muscle to make acquisitions -CEO
BNS
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CALGARY, April 12 (Reuters) - Bank of Nova Scotia BNS.TO ,
Canada's third largest bank by market value, said on Tuesday it
has the financial muscle to make acquisitions to supplement
organic growth if opportunities arise that fit its strategic
objectives.
Scotiabank , which already has the biggest international
footprint among Canada's major banks, has indicated it would
like to expand its presence in Latin America.
"We are in a very good position to grow the bank
organically, and we have the balance sheet strength to
selectively pursue acquisitions that are on strategy and within
our footprint," Chief Executive Officer Brian Porter told the
bank's annual meeting.
Scotiabank's international operations contributed a record
C$505 million to net income in the first quarter, reflecting
strong performances in the Pacific Alliance region.
Porter also told the meeting the bank was responding to
changing consumer behavior by redesigning its branches and
focusing on new digital technologies.
Bank customers around the world are doing more transactions
online and fewer in branches. Porter said Scotiabank expects
that less than 10 percent of financial transactions will occur
in its branch network by 2020, with more than one-half of its
products being sold through digital channels.

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