Brian Porter addresses Scotiabank's 181st Annual General Meeting
HALIFAX, April 9, 2013 /CNW/ - Addressing Scotiabank shareholders for the first time as the Bank's new President, Brian Porter discussed recent performance, key opportunities and the businesses strategy going forward. He also thanked the Board of Directors and Rick Waugh for the opportunity to be entrusted with this important role.
Scotiabank is "achieving the right kind of success," began Brian Porter. "We continue to demonstrate consistency and predictability in our performance. All four of our business lines are contributing in a very balanced way and we continue to have a wealth of opportunities in front of us, which have been generated by a healthy combination of organic initiatives and prudent acquisitions."
He then explained some key opportunities going forward in each of the business lines. In Canadian Banking he said there will be a heightened focus on deposits and payments. "Deposits are the lifeblood and circulatory system of any bank. Therefore, it is a key priority for us to ensure that our deposits are growing in lock-step with loans." Over time, ING DIRECT provides Scotiabank with considerable potential to leverage a unique model into international locations. Payments is another important focus for the Bank and it is continuing to progress with mobile payment technology. Mr. Porter said "we look forward to giving our customers more options when making purchases in the near future."
In International Banking "we are continuing to build our diversified, customer-focused personal and commercial footprint, particularly in the higher-growth markets of Latin America and Asia." Since 2007, Scotiabank has added more than 8 million customers outside Canada and doubled the number of branches. "These acquisitions not only increase our footprint and our customer base, but they also enhance our opportunities to drive organic growth."
The Bank's newest business line, Global Wealth Management continues to grow and Scotiabank has now positioned itself as a leading provider of wealth management services. In fact, its mutual fund business ranked second among the Canadian banks in assets under management at year end. "Internationally, Latin America is an important focus for expansion of our wealth and insurance operations."
"In a time of continued market volatility, our wholesale business, stands out for its consistent, predictable and high quality earnings," Mr. Porter said. "We are banking the real economy with a focus on core industry sectors such as mining, energy and infrastructure. And there is tremendous potential as we expand our wholesale operations in Latin America and Asia."
Brian Porter concluded by telling the audience that three areas underpin Scotiabank's success: customers, employees, and culture. He said for our customers "we are working well together to offer broader solutions, seamlessly, across the bank." Our employees are "our biggest differentiator and that's why we place great importance on having a diverse and talented group of employees, and on developing our leadership depth and capabilities." And Scotiabank's culture "governs how we operate, how we interact with our customers and other employees, and how we contribute to the communities in which we live and work."
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 82,000 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 $736 billion (as at January 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
Image with caption: "Scotiabank President Brian Porter speaks with Chief Financial Officer Sean McGuckin ahead of the Bank's 181st Annual Meeting of Shareholders. (CNW Group/Scotiabank)". Image available at: http://photos.newswire.ca/images/download/20130409_C3702_PHOTO_EN_25343.jpg
For further information: