Tuesday , September 27 2022

The expansion in Chile to help Scotiabank achieve profit & # 39; record



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The bank worked for sales operations in & # 39; & # 39 ninth, the Caribbean, a region that has been in operation for 129 years.

The strategy of the Bank of Nova Scotia in Latin America favored the record in international banking profits during the fourth & # 39; quarter. However, the group is now retired in & # 39; some countries.

The bank worked for sales operations in & # 39; & # 39 ninth, the Caribbean, a region that has been in operation for 129 years.

"The divestment in & # 39; these essential operations is in line with & # 39; a strategy that began five years ago to sharpen our focus, increase scale in & # 39; geographies and major businesses, improve the quality of profits and reduce risk ", said the head of the group. , Brian Porter, on a conference call Tuesday.

Scotiabank has focused its international expansion in & # 39; four & # 39; Latin American countries: Mexico, Colombia, Peru and Chile. The strategy paid in the fourth & # 39; fiscal quarter, which the international banking division recorded record profits and higher returns of the three main parts of the bank based in & # 39; Toronto.

Profits of international banks increased by 22%, its largest increase in three years, thanks in part to the contributions of the Chilean bank BBVA Chile, acquired this year. This growth exceeded the increase in profits & # 39; 4.5% of Canadian banks compared to the year & # 39; before and the gap & # 39; 6.4% in the division of banking and global markets.

The withdrawal in the Caribbean is not a complete withdrawal: the bank has operations in & # 39; more than ten Caribbean markets and expects to complete the acquisition & # 39; Banco Dominicano del Progreso SA in the Dominican Republic in the first quarter. Scotiabank has more than 7,700 employees throughout the Caribbean and 1.5 million customers.

"We hope to continue in our key markets across the Caribbean," said Porter.

The bank agreed to sell its operations in Anguilla, Antigua, Dominica, Grenada, Guyana, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Vincent and the Grenadines for Republic Financial Holdings Ltd. The terms of the agreement have not yet occurred. It also sells operations & # 39; its life insurance in Jamaica and Trinidad and Tobago for Sagicor Financial Corp.

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