Scotiabank CEO says U.S. influence in Latin America could aid growth plans

Scotiabank chief executive Scott Thomson said rising U.S. influence and a more pro-business climate in parts of Latin America could support the bank's international growth strategy; the bank's overseas focus is on Mexico, Peru, Chile and Colombia and forms part of a turnaround plan launched in late 2023.

Scotiabank chief executive Scott Thomson said rising U.S. influence and a more pro-business climate in parts of Latin America could support the bank's growth strategy. He made the remarks during a Royal Bank of Canada conference. Scotiabank's international operations are concentrated in Mexico, Peru, Chile and Colombia and are a central part of a turnaround plan it launched in late 2023. Key points: - Scott Thomson said shifts toward centre-right or right-leaning governments and more U.S. influence in the region could play well for the bank's Western Hemisphere strategy. - Scotiabank's international business is focused on Mexico, Peru, Chile and Colombia and the lender has been reallocating resources to North America as part of its late‑2023 turnaround plan. - The article reports U.S. military action in Venezuela and the removal of President Nicolás Maduro, and notes Venezuelan crude could re-enter global markets over the next five to ten years. - Mr. Carney is quoted as welcoming Maduro's removal and saying increased Venezuelan oil production would benefit Venezuelans and is lower risk for Canadian producers. Summary: These developments are described as potentially supporting Scotiabank's international growth plans and influencing Canadian energy infrastructure planning. Undetermined at this time.