Wright steps down as Scotiabank CEO, moves to Canada operations
Troy Wright, who steered Scotiabank de Puerto Rico through last year’s acquisition of R-G Premier Bank’s failing assets, is stepping down as CEO to join Scotiabank Group’s operations in Canada as executive vice-president, retail distribution, Canadian banking, effective July 18.
Peter Bessey, who joined Scotiabank in 1986 and has held progressively senior roles, most recently as senior vice-president of the Atlantic Region, will succeed him.
“Troy’s significant experience has been instrumental in achieving success for Scotiabank de Puerto Rico and developing our operations in Mexico. I want to thank him for the work he has done in Latin America and I look forward to his contribution to our Canadian Banking business,” said Rick Waugh, Scotiabank President and CEO. “I also want to congratulate Peter Bessey on his appointment. His knowledge and experience will add to the strength of Scotiabank de Puerto Rico and the Bank’s international operations.”
Puerto Rico-born Wright took over the reins of Scotiabank de Puerto Rico in July 2008. He is a Harvard Business School graduate and fully bilingual in English and Spanish.
During his tenure, Wright was an active participant in the island’s banking and economic community, assuming a leading role in developing and helping to launch the island’s first Puerto Rico Manufacturing – Purchasing Managers Index, earlier this year.
He also was instrumental in working with the Federal Deposit Insurance Corp. to acquire R-G Premier Bank for $5.6 billion and keep it running, after the federal regulatory agency determined to close it due to financial insufficiency in April 2010.
It will now be up to Bessey to continue the task begun more than a year ago of integrating both banks.
“Peter’s appointment to CEO of Scotiabank de Puerto Rico is a reflection of his talent as a banker and his strength as a leader,” said Dieter Jentsch, Executive Vice-President, Latin America, Scotiabank. “His extensive experience will serve Scotiabank de Puerto Rico well and I know that the great team we have here will join me in welcoming him.”
We hope the best for him. Scotiabank manages PR operations as a local branch from Canada and maybe that’s good, maybe not. Everything from out there. Last time I checked, the local authority to lend money was up to $5.0 million. That may have changed, I wish, for PR needs a bank to actually lend money to someone.