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 Business News | October 2007 
Scotiabank May Almost Double Mexico Branches in Three Years
 Sean B. Pasternak - Bloomberg
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Bank of Nova Scotia, Canada's second-largest bank, plans to almost double its Mexican branch network over the next three years to tap growing demand for loans and deposits, the head of the bank's Mexico unit said.
The Toronto-based bank plans to have 800 to 900 branches in the country, up from about 550. The lender will open 100 offices in Mexico next year alone.
"We've proven that we can open good branches in good locations and get good results," Anatol von Hahn said in an interview in Lima, where Scotiabank is holding an investor conference. "Now we're pushing full-throttle ahead to grow with these new branches."
The bank will hire six to eight people for each new Mexican branch in 2008, after hiring 550 new employees last year, said von Hahn, who is taking over Scotiabank's Latin American business this year, replacing Peter Cardinal.
The bank yesterday announced a credit card joint venture in Mexico that will sell cards to clients who traditionally borrow money from retailers. The bank would be open to other joint ventures and acquisitions in Mexico if they become available.
"Our plan is built on organic growth," von Hahn said. "If any inorganic opportunities present themselves, we'd take a look at it."
To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net. |
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