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Scotia to buy while other banks sell

The Bank of Nova Scotia plans to continue its international expansion as other banks shed their assets, but is vowing to be prudent in its acquisitions.

Executive vice president and CFO Luc Vanneste tells BNN the bank found going into Mexico, Central America and the Caribbean was a natural extension to its business. Scotiabank’s third-quarter international banking core earnings were up 27 percent year-over year.

“What we want to do is make sure that what we’ve got in the stable currently is working incredibly well. But with the volatile market in which we live and we see that some global banks are looking to shed assets, we are known as an acquisitive bank, we are looking to see what is available,” Vanneste says.

“But we’ll be prudent in how we spend our capital.”

In terms of the rest of its earnings, released Tuesday, Scotia’s total revenues fell eight percent, led by the fixed income business.

“The fixed income was a challenge because of the volatility in the marketplace, and I think that when that volatility dies down… it will be a better environment from a fixed income perspective for us,” Vanneste says.

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