Scotiabank looks to Pacific Alliance countries for growth: CEO

MEXICO CITY - Scotiabank is expecting earnings from its operations in Latin America to grow steadily over the next few years as the region's expanding middle class increases its appetite for financial services.

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Dieter Jentsch, Scotiabank's group head of international banking, says he expects the bank's annual earnings from Pacific Alliance countries to grow by an average of nine to 11 per cent a year over the next three to five years.

Jentsch made his comments during the bank's (TSX:BNS) international banking investor day event held in Mexico City on Monday.

The Pacific Alliance is a trade bloc made up of Mexico, Peru, Chile and Columbia -- all countries in which Scotiabank has operations.

During its presentation, the bank noted that only around 40 per cent of those living in Pacific Alliance countries currently have a bank account, representing a good growth opportunity for the bank.

Roughly a quarter of Scotiabank's earnings come from its international banking segment, which is heavily concentrated in the Pacific Alliance region.



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