Scotiabank's Rick Waugh gives keynote speech at Toronto Region Board of
TORONTO, Jan. 28, 2013 /CNW/ - Scotiabank CEO Rick Waugh addressed the
125th annual Toronto Region Board of Trade dinner saying that Canada has the
ability reach great heights in the coming century by working together,
to improve productivity through innovation, efficiency and economies of
"Taking our products and services to high growth emerging markets can
help us reach each of these goals," said Rick Waugh during his address.
"We need to understand that a global shift is well underway. Our
traditional trading partners in the developed world are facing
prolonged slow growth and serious structural issues that are likely to
hinder them for many years."
Mr. Waugh outlines in his speech that Canada is in the stronger position
right now, and we can take advantage of it if we adopt a true sense of
"To be successful, we can't continue with business as usual. It's going
to require a new collective mindset and new priorities and exceptional
Mr. Waugh laid out a number of Canada's strengths including a strong and
stable fiscal and monetary position in absolute terms and relative to
many other developed countries. "We're among a select few safe havens
for investors, and because of that we are able to attract capital far
easier than many of our competitors." He went on to say that our
government is rightly focused "on expanding trade to external markets
and encouraging two-way investment to grow our economy."
Canada has great potential to succeed in world where there will continue
to be great demand for our strengths. "Not only commodities and
energy, but our leading expertise in banking, insurance, accounting,
legal services, aerospace, technology, including expertise in the
digital world," said Mr. Waugh. "We have a highly skilled, diverse and
multicultural workforce with global connections to attract even more of
the right people we need to succeed in the 21st century economy."
One of Canada's significant advantages is that it sets the standard for
satisfying all the requirements of a healthy financial system - safety,
trust and profitability and "[Scotiabank is] routinely ranked among the
safest banks in the world."
But Canada now must confront our challenges. "Our historical near-total
reliance on the U.S. may have been enough in the last century, but it
hasn't prepared many of us for the next century," he adds. "We need to
understand that we have tremendous strengths as a country - strengths
that have great value in the current global marketplace. But to unlock
that value, we've got to be in the global marketplace."
The solution to this, Mr. Waugh explained is for Canada to start
developing new markets for our products and services in high growth
"It's more than just a call for action - it's making it a top Canadian
priority," concluded Mr. Waugh. "We need to nurture and grow important
economic clusters where we can build a competitive advantage to take on
the global marketplace - no matter the level of our currency."
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication. With assets of $668 billion (as at October 31, 2012),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.
To read the full speech, please go to http://www.scotiabank.com/ca/en/0,,6243,00.html
For further information:
Diane Flanagan, Scotiabank, 416-508-8396
Andrew Chornenky, Scotiabank, 416-866-4826