TORONTO, April 9, 2019 /CNW/ - Scotiabank today hosted its
187th Annual Meeting of Shareholders at the Scotiabank
Centre in Toronto. President and
CEO Brian Porter provided
shareholders with an update on the Bank's performance and progress
on key initiatives through 2018. In his remarks, Mr. Porter
focussed specifically on two areas of Scotiabank's Strategic
Agenda: re-shaping the Bank's geographic focus and business mix;
and digital transformation.
Speaking to geographic focus and business mix, Mr. Porter
commented on recent divestitures as evidence of efforts to de-risk
the Bank. "Within our strategic footprint, we have a particular
focus on Canada, the US, and the
high-growth and stable countries of the Pacific Alliance trading
bloc," said Mr. Porter. "Broadly speaking, the Pacific Alliance
countries have business-friendly environments, healthy democracies
and a commitment to good governance, above-average economic growth
and, most importantly, a rapidly expanding middle class."
Mr. Porter also commented on the importance of scale in
providing higher returns to shareholders. "Scale matters in
banking, now, more than ever. That is why we are focusing on
building scale through organic efforts, buying scale through key
acquisitions and better leveraging our existing scale to generate
efficiencies," he said.
With $7 billion spent in 2018 to
acquire several high-quality businesses, the Bank is focused on
integrating these acquisitions and generating synergies and
benefits in the near term and beyond. "When it comes to
integrations, we have a long and successful track record,"
Brian Porter stated. "In the case of
our current integrations, we are very comfortable with how each of
them is proceeding."
Acknowledging that technology is integral to operating the Bank,
Mr. Porter addressed Scotiabank's digital transformation. "By
investing in software, data, and analytics, we are developing a
deeper understanding of our customers' needs and financial goals.
In doing so, we are providing our customers with a better banking
experience that is much more personalised."
As a specific example of the Bank's technological advancement,
Mr. Porter referenced Scotiabank's new mortgage experience
eHome; the first truly digital, end-to-end mortgage process
in Canada. Since its launch,
Canadians have been able to complete a mortgage application, obtain
approval, and close on a home purchase without having to visit
branch.
Mr. Porter also spoke to Scotiabank's investment in Artificial
Intelligence (A.I.) to drive operational efficiency, and by
extension, create tangible business value. To date, Scotiabank has
more than 200 automated processes in place, which helps create tens
of millions of dollars in value for our shareholders.
In his remarks, Mr. Porter also thanked Chairman of the Board of
Directors Tom O'Neill for his
contributions to the Board and to Scotiabank. Mr. O'Neill retires
as Chairman of the Board at the close of Scotiabank's 187th Annual
Meeting of Shareholders. Mr. O'Neill joined the Board as a
Director in 2008, and was appointed Chair in 2014. Mr. Porter
remarked that Mr. O'Neill has personified good governance and
leadership and that Scotiabank has greatly benefitted from his
guidance and steady hand.
To close, Mr. Porter recognized the critical role Scotiabank
plays in the communities in which Scotiabankers live and work. Mr.
Porter recognized the contribution Scotiabank makes to community.
In 2018 alone Scotiabank contributed 370,000 volunteer hours and
invested $100 million in community
organizations through donations, sponsorships and other forms of
assistance.
About Scotiabank
Scotiabank is Canada's
international bank and a leading financial services provider in the
Americas. We are dedicated to helping our more than 25 million
customers become better off through a broad range of advice,
products and services, including personal and commercial banking,
wealth management and private banking, corporate and investment
banking, and capital markets. With a team of more than 98,000
employees and assets of over $1
trillion (as at January 31,
2019), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank