Scotiabank Possible Buyer of HSBC Mexico Unit, Analyst Says

Bank of Nova Scotia, Canada’s third-largest lender, could be a potential buyer if HSBC Holdings Plc sells its Mexico operations, according to Gabriel Dechaine, a Canaccord Genuity Group Inc. analyst.

“Despite challenges associated with this business, we believe BNS would be an interested bidder,” Dechaine said Tuesday in a note to clients, referring to Scotiabank by its ticker symbol. “Failing a turnaround of this business over the next 12 to 24 months, we believe senior executives at HSBC could consider selling.”