fbpx Skip to content

Canada strengthens its position in fintech sector

While from Canada they reinforced the need to have scale in the banking business. In Scotiabank they continue to present the results of the integration with BBVA Chile, after the Canadians spent more than US $ 2.2 billion for the acquisition of the Spanish bank in the country. Now it was the turn of the bank’s president, José Said.

Through a message in the company’s memory, the entrepreneur highlighted that after the integration that took place in September 2018, Scotiabank already is positioned as one of the leading financial institutions in the country, with a 14% market share. In total placements, more than 500 thousand clients and US $ 44,000 million in total assets.

Said stressed that in the process of integration, the fintech reported an increase of 11% in its profits with respect to 2017, reaching $ 127 billion. While loans increased by 13% when the industry did so by 10%, excluding Walmart and CMR portfolios.

Scotiabank managed to close last year with a market share of 14% in the country’s placements, excluding operations abroad. With these figures, Said said that it shows that it is feasible to grow during an integration process, a situation that represents a milestone in Chile.

The analysis on the panorama of the country was not absent in the message of the entrepreneur. Who said that the bank starts its operations at a time when Chile welcomes and encourages investment and entrepreneurship.

He also stressed that it is very important to maintain the momentum of the year that ends, to project growth and productivity.

Canada strengthens its position in the region

Meanwhile, the annual meeting of Scotiabank shareholders in Canada was held, where the CEO of the company, Brian Porter, took the opportunity to reinforce his message about the operation of the bank in the countries that make up the Pacific Alliance Mexico, Colombia, Peru and Chile.

Porter said that these markets have a favorable business climate, healthy democracies committed to good governance practices, above average economic growth and, most importantly, a rapidly expanding middle class.

The executive emphasized the importance of having scale in operations to generate higher returns for shareholders.

Today more than ever, scale is important in the banking sector. That is why we are focusing on expanding it through efforts to achieve organic growth, through key acquisitions and taking better advantage of the existing scale by generating efficiencies, explained Porter.

Published inFintech

Be First to Comment

Leave a Reply

%d bloggers like this: