85% of Scotiabank’s earnings come from Canada, the U.S., Mexico, Peru, Chile and Colombia
The chief executive of Bank of Nova Scotia said Tuesday that the lender is focusing on bulking up in the countries where its operations are strongest — Canada, the United States and four key markets in Latin America.
The remarks come amid Scotiabank’s efforts to cut down on the number of international markets it does business in, a process that has been playing out over several years. The withdrawal plans have met with some concern in the Caribbean, and drawn scrutiny from a competition regulator in the region. Even with the exits, Scotiabank is still drawing a fair share of profit from abroad. Porter noted that around 85 per cent of the lender’s earnings last year had come from six core geographies: Canada, the U.S., Mexico, Peru, Chile and Colombia.
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