Scotiabank has taken “Global Bank of the Year” honors from The Banker magazine, along with recognition in seven other categories including “Bank of the Year for the American Continent.” It is the first time a Canadian bank receives recognition in these categories.
The Banker evaluates financial institutions based on their ability to deliver shareholder returns and gain strategic advantage.
“We are honored to be the first Canadian bank to be recognized as the ‘Global Bank of the Year’,” said Rick Waugh, CEO of Scotiabank. “At Scotiabank we pride ourselves on our ability to get a solid return on capital, while staying true to the culture of risk management that has been a driver of our success for more than 180 years.”
“Scotiabank has a strong record of producing excellent results, and at the heart of this success is our culture, which is based on our values and good business judgment,” said Waugh.
Scotiabank closed 2011 with a healthy return on equity of 18.8 percent, which by the end of July 2012 had already gone up to 20.3 percent. Its long-term return is also admirable, with a 20-year compound annual growth rate of 15.5 percent, a figure the envy of many of the world’s leading banks, The Banker reported.
Scotiabank was also recognized by the magazine as “Bank of the Year” in Canada, Antigua, Barbados, Belize, Turks and Caicos and the British Virgin Islands.
Scotiabank has been doing business in Puerto Rico since 1910 and currently has a network of 46 branches islandwide. The bank employs 1,800 people locally.
“Being recognized globally is something we are very proud of. At Scotiabank we’re committed to providing our customers with products, advice and quality service they deserve,” said Scotiabank Puerto Rico President Peter Bessey. “These factors, together with the team of professionals that are part of the institution, are the key to celebrating this recognition today.”