Nov 2005 Financial News

Three international awards for Scotiabank

Nov 03, 2005

SCOTIABANK has been awarded three international banking awards. One of North America's largest financial institutions, the bank has won the title of "Bank of the Year" in Mexico, the Caribbean and Jamaica from Latin Finance, a leading magazine of finance and investment in Latin America.

These awards represent the second time that Scotiabank has been recognised by Latin Finance. The bank was previously recognised in Mexicoi in 2003 and in the Caribbean the previous year.

"Winning an award like this in multiple countries takes the concerted efforts of a first-class team dedicated to our customers and communities,
" said rick Waugh, president and CEO, Scotiabank. "As a Canadian-based international bank, we are very proud to receive this recognition for the work our employees do every day to meet the needs of our customers and achieve business success in many different markets," Waugh stated further. Latin Finance magazine, a division of Euromoney Institutional Investor PLC, is internationally recognised as a leading source of information on finance and investment in Latin America.

The awards will be formally announced in this month's issue of the magazine. They are based on profits, profitability (Return on Equity and Return on Assets), asset growth, stock price performance, strategy and strategic vision, quality of management and technological sophistication.

"We selected Scotiabank for its strong overall financial performance, breadth and quality of service to customers in each of Mexico, Jamaica and the Caribbean generally," said John Barham, editor, Latin Finance.

"These awards are based on industry input. We talk to bank analysts and the rating agencies and devour their reports. We pay close attention to feedback from corporate and retail clients, as well as investors."

"Mexico continues to be a driving force in our international operations and we continue to look for new ways to reach out to even more customers, so this recognition tells us that we are right on track," said Rob Pitfield, Scotiabank executive vice-president, International Banking.

Scotiabank has operations in 25 countries, including affiliates in the Caribbean and in Central America.The bank has 357 branches and about 748 ABMs throughout the region.

"Scotiabank has had a presence in the Caribbean since 1889 and today we are the leading bank in the region," Pitfield said.

It is also one of North America's largest financial institutions and Canada's most international bank. It has more than 50 000 employees, $318 billion in assets as at July 31, 2005 and trades on the stock exchanges in Toronto, and New York.


The Barbados Advocate
Wednesday, 2nd November, 2005
http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=23355