Scotiabank Lags Peers as Latin America Markets Drag

Bank of Nova Scotia, which has touted Latin America as an engine for growth, has lagged its Canadian peers over the past two years as sentiment soured on emerging markets.

Scotiabank, the only Canadian bank with significant operations in Latin America, has trailed its four domestic competitors as the MSCI Emerging Markets Latin America Index dropped 21 percent since April 2012. Scotiabank rose 19 percent in the two years through today while the Standard & Poor’s/TSX Composite Commercial Banks index gained 25 percent.