Each of the Canadian Big Five banks has its own strategy to diversify
its growth outside of the Canadian banking market. In the case of Bank Of Nova Scotia (“Scotiabank”) (NYSE:BNS),
that strategy revolves around building its high-growth Latin American
banking business and it's less appreciated (but still lucrative) wealth
management operations. Although investors should not underestimate the
risk of a banking slowdown in Canada nor the inherent risks of emerging
market banking, Scotiabank looks as though it may be a relative bargain
in the banking sector.
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