Scotiabank CEO highlights Canadian energy exports amid Iran war

Bank of Nova Scotia agreed to buy a minority stake in KeyCorp, which was among the US regional banks hit hardest in last year's tumult, for about $2.8 billion as part of a focus on North America.

TORONTO — The head of Scotiabank says conflict in the Middle East could help boost demand for Canada’s energy exports.

Speaking at the bank’s annual meeting, chief executive Scott Thomson says the conflict has served as a reminder how resources can be used as geopolitical tools and the importance of secure supplies.

He says Canada is uniquely positioned as a reliable alternative source, putting a premium on the country’s resources.

Thomson also says that free trade in North America is crucial in a more fragmented, multipolar world.

He says the bank sees a renewal of the Canada-United States-Mexico trade agreement as the most likely outcome of talks set for later this year, but that the path to get there may not be linear.

Thomson says the aim of trade talks should be to move quickly to reduce uncertainty, as well as to deepen relationships across the three countries.

“Even relatively modest increases in trade friction can have meaningful economic effects, slowing investment, disrupting supply chains, and raising costs,” he said.

“This is especially true in sectors like manufacturing, machinery, and transportation equipment on all sides of the border that depend most on cross-border flows.”

And while Thomson has been pushing for more pipelines and energy exports, he says the Scotiabank will soon release its first measurement of how its fossil fuel lending compares to low emission sources like renewables.

“I’m very proud to share that we will disclose our energy supply ratio later this month, which will provide investors with clearer insights into the relative balance between our financing of low carbon and conventional energy supply.”

Last week RBC confirmed that it also plans to release its energy supply ratio publicly, after keeping its initial results last year internal.

This report by The Canadian Press was first published April 14, 2026.