Canada-based Scotiabank is not looking for retail bank acquisitions in the US, but will seek to grow its existing businesses in the Canadian, Latin American and Asian regions, says CEO Brian Porter.
Porter was quoted by Reuters as saying that the bank was unlikely to buy back shares as its Canadian peers have done over the past years, but plans to expand its online banking platform into international markets.
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Although the emerging markets have reported slow growth in 2013, Scotiabank still prefers them against the US. In Canada, Scotiabank plans to build its wealth management, and cards and payments business.
Porter said, "Even as these economies have slowed down in Latin America, the countries are still going to grow at 3.5-5.5% this year, which is better than the developed world."
Other Canadian lenders like Toronto-Dominion Bank and Bank of Montreal have already built broad branch networks in the US.
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