July 1, 2006
Scotia is in the middle of a Mexican scrum.Mention the concept of more equitable income distribution, and most folks in the financial world shudder. But Rick Waugh, CEO of Scotiabank, isn't your typical banker. When asked about the prospect that populist leaders in Latin America might try to narrow the vast gaps between rich and poor in the region, Waugh, 58, smiles warmly and says he's all for it. While the liberalization of individual markets has resulted in GDP growth, he explained to a group of Latin Americans visiting the bank's Toronto headquarters in June, now it "has to go to the next step of distributing that wealth so that more people benefit." With his boyish charm and a
Despite having amassed retail banking outposts across Latin America, the expedition is far from over for Canada's Scotiabank.