Share

Bank of Nova Scotia, the Canadian lender with operations in more than 55 countries, is considering acquisitions in Brazil, according to the bank’s CEO Brian Porter.

"The bank has a history of being acquisitive and that could be anywhere within our footprint," Bloomberg quoted Porter as saying.

Porter’s comment after the bank’s annual investors meeting in Ottawa come after Mexican publication El Financiero reported that Scotiabank and a Mexican lender are in negotiations to buy the Brazil and Mexico operations of London-based HSBC Holdings.

Porter said: "Brazil will come back. The economy will come back, there’s no question about that."

"It’s an exciting market and an attractive market", he added.

According to the Bloomberg report, the lender is also targeting Peru, Chile and Colombia along with Mexico, as countries offering the growth potential.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Scotiabank has spent about C$8.5bn on takeovers in the past five years, including the $1bn purchase of 51% of Colombia-based Banco Colpatria Red Multibanca Colpatria, its largest foreign purchase.