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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,245,527,961
Close 2025-02-26 C$ 72.38
Market Cap C$ 90,151,313,817
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Post says Scotiabank sticking with N. American strategy

2025-02-26 06:20 ET - In the News

The Financial Post reports in its Wednesday edition that Bank of Nova Scotia is sticking to its strategy of building a North American corridor by expanding in Canada, the United States and Mexico despite the threat of tariffs, the head of the Toronto lender said on Tuesday after the bank beat analysts' first-quarter earnings expectations. The Post's Naimul Karim writes that since 2023, Scotiabank has been trying to recycle capital from its Latin American businesses into North America. It sold its operations in Colombia, Costa Rica and Panama last month and purchased 14.9 per cent of Cleveland-based lender Keycorp for $2.8-billion (U.S.) last year. Some analysts say U.S. President Donald Trump's threat to impose a 25-per-cent tariff on Mexican and Canadian products entering the U.S. could disrupt supply chains and make Scotiabank's plans less compelling. However, Scotiabank chief Scott Thomson said it was "way too early" to think about pivoting the bank's strategy. "As part of the strategy rollout, we said Canada first, the U.S. second and Mexico third. Canada represents greater than 50 per cent of our earnings. The U.S. is now approaching 15 per cent and Mexico is less than 10 per cent," he told analysts on Tuesday.

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