CANADA — The Bank of Nova Scotia said Tuesday that it has struck a deal to sell banking businesses in nine of the smaller countries in the Caribbean, such as Antigua and Dominica, as the lender continues to narrow down the number of international markets in which it operates, the Canada-based Financial Post reported November 28.
The move comes as Scotiabank, which has said larger markets in Latin America are still very much part of its plans, reported that adjusted profit from its international banking unit grew at a greater rate than that of its Canadian business over the past year.
“Exiting these non-core operations is consistent with a strategy that began five years ago to sharpen our focus, increase scale in core geographies and businesses, improve earnings quality and reduce risk to the bank,” said Scotiabank president and CEO Brian Porter during a conference call Tuesday morning, adding that the bank has now either exited or announced its intentions to exit more than 20 countries or businesses over that same period. https://business.financialpost.com/news/fp-street/update-2-scotiabank-to-exit-nine-countries-in-caribbean-shake-up
