Scotiabank appoints Francisco Aristeguieta to lead International Banking business

Rhea-AI Summary

Scotiabank has appointed Francisco Aristeguieta as Group Head of International Banking, effective May 1, 2023. With over 30 years of experience in international banking across Latin America, North America, Asia, Europe, and the Middle East, Aristeguieta is set to enhance the bank's international strategy. He previously led the Asset Servicing business globally at a major financial institution. This leadership change comes as Ignacio Deschamps plans to retire, after contributing significantly to Scotiabank's international banking and digital transformation efforts since 2016. Scott Thomson, Scotiabank's CEO, emphasized that Aristeguieta's leadership will help drive engagement and sustainable growth for shareholders.

Positive

• Francisco Aristeguieta brings over 30 years of international banking experience, which could provide fresh perspectives to Scotiabank's strategy.
• Aristeguieta's previous success in transforming businesses will likely enhance Scotiabank's international banking operations.
• Scott Thomson expresses confidence in Aristeguieta's ability to drive long-term profitable growth.

Negative

• Ignacio Deschamps' retirement may lead to potential discontinuity in leadership within the International Banking segment.

TORONTO, April 10, 2023 /PRNewswire/ - Scotiabank announced today that it has appointed Francisco Aristeguieta to the role of Group Head, International Banking, effective May 1, 2023. Mr. Aristeguieta will become a part of the executive management team, with responsibility for the Bank's International Banking business line.

Mr. Aristeguieta is a seasoned global banking leader with more than 30 years of international banking experience with major global financial services organizations in a wide range of markets including Latin America, North America, Asia, Europe and the Middle East. He has significant senior leadership experience leading country operations and overseeing business lines that stretch across Latin America and other international markets. Most recently, Mr. Aristeguieta was responsible for the strategic repositioning of the Asset Servicing business globally of a major financial institution with operations in the U.S., Europe, Asia, the Middle East and Latin America.

"Francisco is a seasoned transformational leader with a proven track record of delivering results, leading multiple business segments for major financial services organizations across global markets, including Latin America," said Scott Thomson, President and CEO of Scotiabank. "He will bring his experience and leadership to help us drive engagement and deliver for our customers in our international markets. As we look to refresh our strategy this year, Francisco will be a strong complement to our leadership team and will play a central role in helping us deliver long-term profitable and sustainable growth for our shareholders."

In addition, Ignacio "Nacho" Deschamps has announced his intention to retire from Scotiabank at the end of April. Mr. Deschamps joined Scotiabank in 2016, playing an integral role leading the Bank's International Banking business line and digital transformation efforts across its global footprint.

"Nacho is an outstanding global banker with a deep knowledge of Latin America. During his time with the Bank, he reshaped our international footprint, led our international markets through a pandemic, and built a highly competitive banking franchise in our key markets. Nacho also led the Bank through an enterprise-wide digital journey, inspiring the team to deliver and scale digital solutions across our footprint to enhance our employee and customer experiences," continued Mr. Thomson. "I would like to thank Nacho for his leadership and many contributions, which have helped us become a more customer-focused, digitally driven organization."

"It has been a tremendous privilege working with this Winning Team of Scotiabankers over the past seven years as we drove our digital banking leadership and improved our employee and customer experiences," said Nacho Deschamps, Group Head, International Banking and Digital Transformation for Scotiabank. "I've been inspired by the dedication and winning passion of our leaders and teams across Chile, Mexico, Peru, Colombia, the English Caribbean, and the rest of our markets, to build the best bank for our communities and countries, today and for every future. I am highly optimistic about the Bank under Scott's leadership and wish him and Francisco great success in this next phase of the Bank's journey."

Francisco Aristeguieta Career Highlights:

• As CEO of Institutional Services at State Street, Mr. Aristeguieta managed over 85% of the revenue of the bank worldwide, having led the strategic repositioning of the Asset Servicing business globally, moving from an operations centric to a client centric approach.
• At Citigroup, Mr. Aristeguieta worked on both the consumer and institutional sides of the business, having led the Latin America and Asia Pacific regions; businesses with more than $15 billion in revenue.
• During Mr. Aristeguieta's 25-year career at Citigroup, he drove the market-leading digitization of the cards, retail and wealth management businesses in Asia and the Middle East. He also led the Global Transaction Services Group in Latin America and Mexico, and drove successful change and transformation across most markets in the region, leading to improved efficiency and sustainable revenue growth.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as at January 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.

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SOURCE Scotiabank

FAQ

Who has been appointed as the new Group Head of International Banking at Scotiabank?

Francisco Aristeguieta has been appointed as the new Group Head of International Banking, effective May 1, 2023.

What is Francisco Aristeguieta's experience in the banking industry?

Francisco Aristeguieta has over 30 years of experience in international banking, having worked in various global markets including Latin America, North America, Asia, Europe, and the Middle East.

What role did Ignacio Deschamps play at Scotiabank?

Ignacio Deschamps led Scotiabank's International Banking business line and digital transformation efforts since 2016.

How might the leadership change affect Scotiabank's strategy?

The appointment of Francisco Aristeguieta is expected to refresh Scotiabank's strategy and drive sustainable growth in international markets.