Canadian bank CEOs say Canada should accelerate rebuilding after Venezuela incident

Bank of Nova Scotia CEO Scott Thomson and National Bank CEO Laurent Ferreira said Canada's pipeline and nation‑building projects should be accelerated after the capture of Venezuelan leader Nicolás Maduro, noting Venezuelan heavy crude may return to markets over the next five to 10 years.

Canadian bank chiefs this week urged faster national rebuilding projects after the capture of Venezuelan leader Nicolás Maduro. They linked the call to energy markets because Venezuelan oil is heavy crude, similar to Western Canadian oil, and may re-enter global supply over the next five to 10 years. Scott Thomson, chief executive of the Bank of Nova Scotia, made the pipeline comment at an event on Tuesday. Laurent Ferreira, chief executive of National Bank of Canada, spoke of an "economic war" and urged speed on key projects. Key points: - Nicolás Maduro was captured over the weekend and now faces multiple criminal charges in New York, the article reports. - Scott Thomson said Venezuelan heavy crude could re-enter the system over the next five to 10 years and that another pipeline for Canada is important. - The Trans Mountain pipeline expansion began transporting oil from Alberta to British Columbia last year, and Ottawa is discussing fast-tracking projects in energy, defence and mining. - Laurent Ferreira described an "economic war" and said opposition to Ottawa's nation-building plan, whether ideological or bureaucratic, is not good for the country. - Thomson said Latin America had a "lost decade" partly because the political environment moved left and because U.S. engagement waned, and he suggested the region is shifting toward the right or centre-right. Summary: CEOs say the capture of Maduro underscores the need to accelerate Canadian infrastructure work, particularly pipelines, because Venezuelan heavy crude may return to markets. Undetermined at this time.