New Scotiabank chief promises continuity
TORONTO — Brian Porter, who was officially named Friday to succeed Rick Waugh as chief executive of the Bank of Nova Scotia, promised there will be “no seismic shifts” in strategy when he takes the helm of Canada’s third-largest bank on Nov. 1.
Porter, who was named president last November in a signal to most industry watchers that he would ascend to the top job, said he has spent the last six months traversing Canada to immerse himself in the bank’s domestic operations.
He has been with Scotia since 1981, but his senior stints have been in international banking and riskmanagement.
Porter said in an interview that he is “not overly fussed” by an expected slowdown in domestic banking operations as consumers adjust to policy changes aimed at reining in personal debt.
“We have lots of organic growth opportunities throughout our footprint,” he said, noting that economies in some Latin American countries where Scotia operates are expected to grow by as much as seven per cent.
Selective acquisitions will also remain a key part of the strategy during his term as CEO, Porter said.
“Buying is the easy part,” he said, adding that Scotia will target only firms that can be integrated into the bank’s culture and meet established standards.
Waugh is retiring after 10 years as CEO, but will stay on as deputy chairman of the bank until Jan. 31, 2014.
“Brian and the management team bring the right experience, values and culture to our bank’s continued success,” Waugh said in a statement Friday.
John Mayberry, the chairman of Scotia, said Waugh guided Scotia through a period of tremendous growth, “generating exceptional returns for shareholders and employees during some very turbulent times.”