Protests in Chile force Scotiabank to postpone investor day

TORONTO Bank of Nova Scotia is postponing an investor day it intended to hold in Chile this week after protests and rioting broke out in the South American country.

Scotiabank had planned to give investors a “comprehensive overview” of its strategy and outlook on Thursday and Friday in Santiago, the capital of Chile, where a state of emergency has been declared and where 11 people have died and about 1,500 arrested since the protests, sparked by a hike to subway fares, began on Friday.

Unfortunately, at this time we are unable to ensure the level of logistical support required to host the event.

“Unfortunately, at this time we are unable to ensure the level of logistical support required to host the event, particularly due to the current transportation challenges in and out of the city,” a spokesperson for the bank told the Financial Post in an email on Monday.

“Scotiabank has made the decision to reschedule the Bank’s Investor Day in Santiago to a date early in the New Year.”

Canada’s third-biggest lender said it was “hopeful” the situation in Santiago would soon be resolved and that “our thoughts are with our employees and customers in the impacted area.”

“In the meantime, we remain committed to hosting Scotiabank’s Investor Day in Santiago in early 2020 to showcase our growing operations in Chile and our commitment to the Pacific Alliance region,” it added.

Scotiabank’s strategy is unique among Canada’s big banks, as it has pushed to increase its presence in the Pacific Alliance countries of Chile, Colombia, Mexico and Peru.

In Chile, Scotiabank closed a $2.9-billion deal last year for a majority stake in lender BBVA Chile.

For its third quarter, it reported $2.2 billion in revenue from the Pacific Alliance, up 26 per cent from the same period a year earlier. Financial Post