Outlines Challenges and Opportunities for Canada's Most International
HALIFAX, April 5 /CNW/ - Having recorded record results in fiscal 2010,
Scotiabank President and CEO Rick Waugh commented on regulatory reform,
the importance of a strong corporate culture that includes sound risk
management at all levels, and Scotiabank's positioning to take
advantage of growth opportunities in his annual address to
shareholders. Scotiabank holds its annual general meeting in its
founding city of Halifax every second year.
In looking at challenges that will impact the Bank, Mr. Waugh
acknowledged the need for regulatory change, but cautioned against
"one-size-fits-all rules" that underestimate the value of strong
"The focus must be on looking ahead to prevent the next crisis, not
focusing on protecting against the last one," said Mr. Waugh. "It must
also be kept in mind that two of the key focal points of re-regulation
- capital and liquidity - are needed once we're in a crisis but it is
sound risk management and funding that prevents a crisis in the first
To emphasize the importance of solid institutional policies,
particularly a strong culture that includes an enterprise-wide approach
to risk management, Mr. Waugh turned to Scotiabank as an example.
"Our culture is rooted in our understanding that Scotiabank has a very
important role to play in driving sustainable growth in the economy by
providing products, services and loans to our customers; by offering
great careers for our employees and most importantly, by growing and
being profitable in a sustainable, prudent manner while contributing
appropriate taxes. It also means balancing this with a strong risk
culture, which implies an appropriate risk appetite and the ability to
execute it throughout the organization."
Noting Scotiabank's record results in fiscal 2010, Mr. Waugh stressed
that the Bank will not be complacent. Organizational changes made in
2011, including the establishment of a new business line, Global Wealth
Management, position the Bank well for long-term growth.
"In this unique time in the global financial sector, Scotiabank's strong
capital position, diversified international presence, and
straightforward business model present us with significant
opportunities in all of our markets. Our reorganization allows us to
take full advantage of these opportunities, which we have already begun
to do. Our record results in the first quarter of 2011 demonstrate that
we are on the right track."
Mr. Waugh concluded his remarks with great optimism about the Bank's
ability to take advantage of growth opportunities.
"As always, in the coming months and years we will keep a close watch on
regulatory developments and manage our business accordingly with the
interests of all of our stakeholders in mind. Scotiabank is well
prepared to face the challenges ahead, and ready to take advantage of
this unique window of opportunity that exists for us right now."
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $541 billion (as at
January 31, 2011), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information:
Patty Stathokostas, 416-866-3625, email@example.com