Bank consolidation stays at the top of the agenda
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"Latin America represents a tremendous growth platform because all the countries in the region have young populations and the banking penetration as a percentage of GDP in all these countries is quite low"
Peter Cardinal, Scotiabank |
Why is Scotiabank so focused on Latin America?
I worked in Mexico during the early days of the turnaround and certainly that gave us a better understanding of these markets. We’ve been in Chile and in Peru with minority interests, which we ultimately converted into controlling interests. But it’s really been because of the convergence of these countries in economic terms. Most of them, if not all, have trade agreements with other countries, with the US, and also, in terms of their economic management, the way the central bank is regulating the economy. All of these things, as well as the under-banked population, which gives us room...
