Chile’s Best Bank and Latin America’s Best Bank Transformation awarded to Scotiabank
TORONTO, July 15, 2020 /CNW/ – Scotiabank’s success as a leading bank in the Americas was further established today with two new accolades from Euromoney. The Bank won two of the global magazine’s 2020 Awards for Excellence—Chile’s Best Bank, and Latin America’s Best Bank Transformation for the integration of Scotiabank Chile with the local operation of BBVA.
“We are delighted to receive this recognition from Euromoney for our accomplishments in Chile and Latin America,” said Brian Porter, President & Chief Executive Officer. “These awards are evidence that our focus on becoming a leading Bank in the Americas continues to serve us well against a very challenging backdrop. Scotiabank remains confident, optimistic, and positioned for success.”
Scotiabank is the only Canadian bank with a significant presence in all the major countries in the Americas corridor: Canada, the United States, Mexico, Peru, Chile and Colombia. After the acquisition of BBVA, Scotiabank Chile is the third-largest Chilean bank by loans.
“We executed the fastest and most effective integration process in the history of the Chilean financial market. We were able to continue increasing our market share and profitability while successfully servicing our clients during this period. This was an unprecedented milestone in the local financial industry,” said Francisco Sardón, Executive Vice President and Country Head, Scotiabank Chile.
Scotiabank’s 2018 acquisition of BBVA Chile doubled its market share in one of the fastest growing countries in Latin America. This integration process took just 18 months—a record for the Chilean financial system.
“Our acquisition of BBVA Chile has helped position us to achieve even more in the future,” said Nacho Deschamps, Group Head, International Banking and Digital Transformation. “This successful integration means that we are able to bring the benefits of scale and digital solutions to deliver a better banking experience to our customers.”
Scotiabank is well-positioned to continue growing and increasing market share in its core jurisdictions. It has simplified its geographic footprint and operations, and today the Bank is located in markets with favourable demographics and strong institutions, has more reliable and stable earnings, and is effectively leveraging its global presence.
Quick Regional Facts
- Scotiabank has more than 3 million customers, approximately 9000 employees (including subsidiaries), and more than 160 branches in Chile.
- Scotiabank completed the purchase of a majority stake in BBVA Chile in July 2018.
- Scotiabank’s six core markets—Canada, the United States, Mexico, Peru, Chile and Colombia—now represent more than 87 per cent of Scotiabank’s earnings, with 95 per cent of earnings coming from the Americas.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future,” we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 97,000 employees and assets of over $1.2 trillion (as at April 30, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.