2023-12-13 15:22:00
(Toronto) Scotiabank CEO Scott Thomson has revealed that the bank is increasing its focus on North America and wealth management as part of its new growth strategy.
Posted at 10:22 a.m.
Thomson said the bank will exit Central America and Colombia, or turn around operations without using additional capital, while overall it will allocate 90% of additional capital to operations. priorities in North America.
The withdrawal is part of a long-term trend for the bank, which has already exited 25 high-risk regions over the past decade.
To increase its returns in Canada, he says the bank will work to establish more “primary relationships” where customers use Scotiabank for their daily banking and other products, as part of a transition from volume to value.
According to him, the bank, which has already confirmed the closure of some branches, is lagging behind its peers when it comes to deposits and customers per branch.
The updated plan is the result of a review Mr Thomson launched as he took over as CEO of the bank in February.
Companies in this news report: (TSX: BNS)
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