TORONTO, April 10, 2018 /CNW/ - Scotiabank today hosted its 186^th Annual Meeting of Shareholders at the Scotiabank Centre in Toronto.  President and Chief Executive Officer, Brian Porter, provided shareholders with an update on the Bank's performance in 2017 and initiatives underway designed to realize the Bank's untapped potential.

Mr. Porter noted that the Bank has achieved significant strategic and operational alignment across all business lines. He highlighted the Bank's strong capital and liquidity position that has allowed for the deployment of capital in several attractive growth opportunities. Good examples include the recently announced acquisition of Jarislowsky Fraser, BBVA's operations in Chile and Citibank Colombia's consumer and small business operations. In addition, Mr. Porter outlined the progress made on the Bank's Digital Strategy.

"We are making very good progress on our Digital Strategy, having committed last year to becoming a digital leader in the financial services industry," said Mr. Porter. "This is important as digital is the connective tissue across the Bank and is already helping us better meet the needs of our customers, employees, and our shareholders."

"While the digital world unfolds, questions about data, privacy and trust will continue to rapidly evolve. For [Scotiabank], however, there is no question about the importance of trust. For us the trust we have earned from our 24 million customers is one of the most important assets we have and we will never take it for granted."

In his remarks, Mr. Porter also spoke about the important role that banks play in society. "At Scotiabank, we think of banking as a calling. We believe deeply that banks are an important part of the economic and social fabric of the countries in which we operate." In 2017, Scotiabank employees contributed more than 400,000 hours of volunteering and fundraising time and the Bank reached the important milestone of supporting nearly 10,000 minor hockey teams and one million kids – and counting – through its commitment to community hockey."

Through this lens, Mr. Porter also outlined the steps Scotiabank is taking to further support its employees confront the challenges and opportunities brought about by rapid technological change.

In his speech, Mr. Porter announced an investment of $250 million over ten years to give Scotiabankers the tools and opportunities that they need to adapt and thrive in a digital economy.  "We are committed to helping our employees adapt to the rapidly evolving realities of the digital economy. It's the right thing for our Bank, for our employees, for our communities and for society at large."

Concluding his address, Mr. Porter reiterated the Bank's support for free trade and open markets, more broadly, and for the North American Free Trade Agreement [NAFTA], in particular. "NAFTA has created millions of jobs and helped to raise the standard of living here in Canada, the United States and Mexico," said Mr. Porter. "[Scotiabank] will continue to do what we can to promote its merits and we remain optimistic that an agreement will be reached in the near future."  

Learn More

• See Brian Porter's Speech here.

About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 24 million customers become better off 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 more than 89,000 employees and assets of over $923 billion (as at January 31, 2018), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @Scotiabank.

SOURCE Scotiabank