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Bank of Nova Scotia sets earnings target for four Latin American nations

A Scotiabank branch in Chile. Chile is one of four Latin American countries the Canadian bank is targeting for future earnings growth.

Bank of Nova Scotia, Canada’s third-largest lender by assets, aims to increase earnings by as much as 11 per cent in four key Latin American countries within three to five years by adding more customers, embracing technology and cutting costs.

“Combined, our operations in Mexico, Peru, Chile and Colombia are expected to deliver an overall 9 to 11 per cent growth rate in earnings, which will help offset the lower growth we’re seeing in the Caribbean region and the negative impact of increasing tax costs across our business,” Dieter Jentsch, group head for international banking, said Monday at an investor presentation in Mexico City.

Scotiabank’s goal anticipates $40 million (US$27 million) to $60 million in added earnings from digitizing banking operations in the four so-called Pacific Alliance nations, plus $35 million to $50 million from developing more customer relationships and $30 million to $40 million by cutting costs, mostly in its Mexico and Chile businesses, Jentsch said.

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