Monday 20 September 2021

Scotiabank Earned Half Its Profits in Latin America

Paying the bills

Latest

1,308 complaints about parties and agglomerations this weekend

QCOSTARICA - Police actions to enforce health regulations do...

ELON MUSK LAYS OUT WHEN TESLA WILL START RECEIVING BITCOIN

Following the series of accusations and backlash levelled against...

Top 3 Tips for Better Online Casino Security

The gambling industry has prospered over the years and...

Today’s Vehicle Restriction September 20: Plates ending in “1 & 2” CANNOT circulate

QCOSTARICA - For today, Monday, September 20, vehicles with...

Athleta women’s brand opened its first store outside North America in Costa Rica

QCOSTARICA - Gap Inc.'s Athleta brand announced the opening...

Carlos Alvarado: Vaccine retention ‘delays global solution and increases risk of new virus variables’

QCOSTARICA - Costa Rica President Carlos Alvarado showed his...
Paying the bills

Share

Bank of Nova Scotia, which has touted Latin America as an engine for growth, has lagged its Canadian peers over the past two years as sentiment soured on emerging markets.

The bank, with operations in more than 55 countries in Mexico since 1967, and consumer-lending operations in countries including Costa Rica, El Salvador, Panama, Uruguay and across the Caribbean, earned almost half its profit from outside Canada last year, according to its annual report. Earnings from Scotiabank’s operations in Mexico and Peru contributed 11 percent toward the firm’s total profit last year.

[su_column size=”1/3″]Scotiabank Costa Rica, a subsidiary of  the Canadian multinational financial services, was established in the country in 1995 and now has over 1,200 employees.

- Advertisement -

The day-to-day banking products include current accounts, savings accounts, credit cards, and a variety of loans. Their head office is is La Sabana Norte, diagonal to the National Stadium, San José[/su_column]Latin America is a key part of Scotiabank’s international banking operations. Porter, who took over as head of Canada’s third-largest lender by assets on Nov. 1, identified Mexico, Peru, Chile and Colombia as offering the greatest growth opportunities outside Canada in a March 5 interview at Bloomberg’s New York headquarters.

The relationship between the Latin America index and Scotiabank is “very strong,” said Bob Decker, a fund manager at Aurion Capital Market in Toronto. “But we’re off trend pretty strongly because Scotia has lagged again in the past three weeks,” as the Latin American index has rebounded.

Scotiabank, the only Canadian bank with significant operations in Latin America, has trailed its four domestic competitors as the MSCI Emerging Markets Latin America Index dropped 21 percent since April 2012. Scotiabank rose 19 percent in the two years through today while the Standard & Poor’s/TSX Composite Commercial Banks index gained 25 percent.

Source: Bloomberg

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

1,308 complaints about parties and agglomerations this weekend

QCOSTARICA - Police actions to enforce health regulations do not stop....

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.