MEXICO CITY - Scotiabank is expecting earnings from its operations in Latin America to grow steadily over the next few years as the region's expanding middle class increases its appetite for financial services.
Dieter Jentsch, Scotiabank's group head of international banking, says he expects the bank's annual earnings from Pacific Alliance countries to grow by an average of nine to 11 per cent a year over the next three to five years.
Jentsch made his comments during the bank's (TSX:BNS) international banking investor day event held in Mexico City on Monday.
The Pacific Alliance is a trade bloc made up of Mexico, Peru, Chile and Columbia -- all countries in which Scotiabank has operations.
During its presentation, the bank noted that only around 40 per cent of those living in Pacific Alliance countries currently have a bank account, representing a good growth opportunity for the bank.
Roughly a quarter of Scotiabank's earnings come from its international banking segment, which is heavily concentrated in the Pacific Alliance region.
