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Speaking at RBC’s Canadian Bank CEO Conference on Tuesday, Scott Thomson framed developments in Venezuela and what he called the “Trump doctrine” as medium- or longer-term positives for growth. (The Logic)
Talking point: Thomson said a shift toward right- or centre-right governments in Chile, Colombia and Peru—alongside Mexico’s business-friendly administration—marks an inflection point after a “lost decade” for the region. Despite exiting Venezuela in 2014, Scotiabank has the highest international exposure among Canada’s Big Six, with operations in Mexico and a 20 per cent stake in Colombia’s Banco Davivienda. “Longer term, this is a good thing for the Western Hemisphere. It’s a good thing for the U.S. It’s a good thing for the Bank of Nova Scotia,” he said at the event. He also warned that increased U.S. engagement in Venezuela’s oil sector could intensify competition for heavy crude, underscoring the need for Canada to accelerate its pipeline and infrastructure projects.
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