(Toronto) Scotiabank announced on Monday the arrival of another new face to its management team with the appointment of Francisco Aristeguieta as head of the international operations group.
Francisco Aristeguieta’s appointment, which will take effect May 1, comes less than three months after Scott Thomson became Scotia’s chief executive from a non-executive position.
Since taking over as head of the bank, Scott Thomson has often spoken of the need to improve Scotia’s performance as it undergoes strategic review. At the bank’s annual meeting of shareholders, Scott Thomson recalled how international operations were a key element of its differentiation.
Scott Thomson said in a statement that Francisco Aristeguieta is an “experienced leader who gets things done” and will help turn the bank around.
“As we plan to refresh our strategy this year, Francisco will strengthen our management team and play a pivotal role in helping us deliver profitable and sustainable long-term growth for our shareholders. »
Francisco Aristeguieta was previously responsible for the strategic repositioning of global asset servicing for State Street, a financial institution with operations in the United States, Europe, Asia, the Middle East and Latin America. He was also responsible for Latin America and the Asia-Pacific region for Citigroup.
Barclays analyst John Aiken says Francisco Aristeguieta’s track record is impressive, and his appointment shows Scott Thomson is trying to shake things up at the bank.
“This decision underscores our belief that the new CEO is reviewing the bank’s Latin American operations and that very little, other than Mexico, is exempt from scrutiny,” he said in a memo sent to his clients.
“We wouldn’t be surprised to see additional changes as Scott Thomson puts his stamp on the bank,” said John Aiken.
Francisco Aristeguieta will replace Ignacio “Nacho” Deschamps, who will leave the bank at the end of April after serving for approximately seven years as head of international banking operations.
In the statement, Scott Thomson highlights the “leading role” played by Ignacio Deschamps and thanks him for reshaping its international business and overseeing the digital transformation of the entire organization.