Scotiabank to Focus on Internal Growth, Costs, CEO Says

Bank of Nova Scotia, Canada’s third-largest lender, will emphasize internal growth and managing expenses over pursuing acquisitions, according to Chief Executive Officer Brian Porter.

“We’re focusing right now on organic growth; that’s not to say we’re not doing acquisitions,” Porter, 55, said today in an interview at the bank’s Toronto headquarters. “We’re always looking on acquisitions that make sense, whether it’s in Latin America or whether it’s in Asia.”

Scotiabank made about C$13 billion ($12.2 billion) of acquisitions since the financial crisis. They include last year’s $1 billion purchase of a 51 percent stake in Colombia’s Banco Colpatria Red Multibanca Colpatria SA, its largest acquisition abroad, and the C$3.1 billion takeover of ING Groep NV’s Canadian operations in November 2012.

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