Scotiabank (TSX:BNS) has announced the appointment of Francisco Aristeguieta as the company’s new group head, international banking, effective May 1, 2023.
The big Canadian bank said Aristeguieta will replace Ignacio “Nacho” Deschamps, who is retiring from the bank at the end of April after about seven years as international banking head.
Scotiabank (TSX:BNS) noted that Aristeguieta was previously head of institutional services at financial services company State Street and led the Pacific and Latin America regions for Citigroup.
“This move underscores our belief that new CEO Scott Thomson is reviewing the bank’s Latin American operations and that very little, aside from Mexico, is exempt from scrutiny,” Barclays analyst John Aiken wrote in a note, as reported by BNN Bloomberg.
“We would not be surprised to see additional changes as Mr. Thomson puts his stamp on the bank,” he added.
Thomson called Aristeguieta a “seasoned transformational leader” who will help drive the bank's turnaround, while noting at the company's shareholder meeting last week that its international operations are a key differentiator for the bank.
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