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Strategies & Market Trends : Beat The Street With SI Traders

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From: Goose94	5/28/2014 7:47:37 AM
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Bank of Nova Scotia chief executive officer Brian Porter is shopping overseas. The Globe's Tim Kiladze writes already flush with capital and expected to boost its cash pile by selling its stake in CI Financial, Scotiabank is in the perfect position to strike a deal. Mr. Porter will not confirm that he is intent on making a purchase, but he also will not steer people away from the idea. His nuanced answer to questions on Tuesday's conference call: "We do have a pipeline of acquisitions that we are looking at periodically." On Tuesday, Mr. Porter said not to expect more share buybacks, and instead suggested the money for such a plan would be better spent on acquisitions. Mr. Porter has singled out Chile, Colombia, Peru and Mexico as the four countries he wants to focus on. Scotiabank is particularly keen on expanding in wealth management in these countries and has already inked recent deals in the sector, including buying 50 per cent of Peruvian pension fund manager AFP Horizonte in 2013. Mr. Porter also said Tuesday he hopes to expand the portion of Scotiabank's profit that is generated abroad -- to 50 per cent from the current 43 per cent.

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