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Illustration: Tom Hughes |
Many equity analysts point to Scotiabank’s international strategy as the key differentiator among its Canadian banking peers.
Scotia now earns almost 25% of its earnings from its international operations; 61% of those come from its Pacific Alliance operations in Chile, Colombia, Mexico and Peru.
According to a BMO Capital Markets report in October 2015: “[International banking] provides the bank with geographic diversification and better long-term prospects, in our view.”
But perhaps the bigger issue for the bank’s shareholders is that Scotia is also differentiating itself by building up in a region that many other international banks are eager to leave.
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