Pacific Alliance Boosts Scotiabank

Scotiabank expects positive impact from Mexico energy and telecom reforms.

BY JOACHIM BAMRUD

Wendy Hannam is bullish on Latin America. The executive vice president for Latin America for Canada-based Scotiabank is “very positive on … Latin America operations, particularly the Pacific Alliance countries” where it has a strong presence in Mexico, Chile, Colombia and Peru.

Scotiabank increased Latin America revenues by 17 percent during fiscal year 2013 to 4.6 billion Canadian dollars (US$4.3 billion), while net interest income grew 18 percent to 496 million Canadian dollars. Its Latin America revenues exclude Central America and the Caribbean, where Scotiabank saw revenues grow by 2 percent to 2 billion Canadian dollars. Its fiscal year ended on October 31, 2013.

The increase in Latin America revenues was driven by strong loan growth as well as acquisitions.

“The double-digit loan growth throughout Latin America is ...

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Keywords: Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Mexico, Panama, Peru