Scotiabank names Troy Wright CEO of Mexican unit

Tue Oct 2, 2012 10:53am EDT

* Former VP replaces Nicole Reich de Polignac

* Canada's No. 3 lender active in about 50 countries

* Scotiabank has said could sell stake in unit, but not now

TORONTO, Oct 2 (Reuters) - Bank of Nova Scotia named Troy Wright as president and chief executive of its Mexican unit, Grupo Financiero Scotiabank Mexico, on Tuesday.

Wright, formerly the bank's executive vice president of retail distribution in Canadian banking, replaces Nicole Reich de Polignac, who stepped down abruptly in September.

The bank, commonly known as Scotiabank, is Canada's third-largest bank, and operates in roughly 50 countries, with the bulk of its overseas operations in Latin America.

Its Mexican unit is one of the top 10 banks in the country by assets.

Scotiabank Chief Risk Officer Rob Pitfield said in September that the bank might consider selling minority stakes in some Latin American operations, including Mexico, to fund acquisitions.

The bank later clarified that it had no immediate plans to pursue such a transaction in Mexico.

Scotiabank's shares were up 6 Canadian cents at C$54.05 on the Toronto stock Exchange on Tuesday.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.