Bank of Nova Scotia (Scotiabank) is eyeing more deals in Latin America, with a focus on the Mexico market, Bloomberg quoted the bank’s CEO Brian Porter as saying.
According to Porter, the time is ripe to pursue acquisitions as Spanish banks including Banco Santander and Banco Bilbao Vizcaya Argentaria, and London-based HSBC Holdings are trimming operations in the region.
"We’re still seeing some of the global banks shedding assets in what they call non-core and we’re taking advantage of that," Porter told the publication.
Referring to the bank’s focus on Mexico, Porters said, "We’re trying to run our bank as efficiently as we can in Mexico, we’re making the technology improvements and upgrading people, all those type of things, to get ready for what we view as the next round of consolidation. I don’t know whether it’s going to happen in ’15, ’16 or ’17, but we want to be in the room for it."
Porter added that the lender is set to complete three deals in Uruguay, Peru and Chile which involves a total purchase amount of nearly C$600m.
Last month, the bank agreed to purchase Citigroup Peru’s retail- and commercial-banking operations.