Scotiabank picks new head of international banking from outside ranks
TORONTO –
The prime ranks of Scotiabank could have one other new face because the financial institution stated Monday that Francisco Aristeguieta will lead the financial institution’s worldwide division.
The appointment of Aristeguieta, to take impact May 1, comes lower than three months after Scott Thomson stepped into the function of chief govt after being chosen from outdoors the financial institution’s govt staff.
Since taking the helm, Thomson has repeatedly talked about the necessity to enhance the financial institution’s efficiency because it undergoes a strategic assessment, and at Scotiabank’s shareholder assembly final week he famous its worldwide operations are a key differentiator for the financial institution.
Thomson stated in a press release that Aristeguieta is a “seasoned transformational leader” who will assist drive the financial institution’s turnaround.
“As we look to refresh our strategy this year, Francisco will be a strong complement to our leadership team and will play a central role in helping us deliver long-term profitable and sustainable growth.”
Aristeguieta was beforehand head of institutional companies at monetary companies firm State Street and led the Pacific and Latin America areas for Citigroup.
Barclays analyst John Aiken stated Aristeguieta’s background is spectacular, whereas his appointment exhibits Thomson is seeking to shake issues up on the financial institution.
“This move underscores our belief that new CEO Scott Thomson is reviewing the bank’s Latin American operations and that very little, aside from Mexico, is exempt from scrutiny,” he stated in a word.
“We would not be surprised to see additional changes as Mr. Thomson puts his stamp on the bank,” stated Aiken.
Aristeguieta will change Ignacio “Nacho” Deschamps, who’s retiring from the financial institution on the finish of April after some seven years as group head of worldwide banking.
In the assertion, Thomson thanked Deschamps for his management, together with by the digitization and reshaping of worldwide operations.
This report by The Canadian Press was first printed April 10, 2023
