TORONTO — The top ranks of Scotiabank will have another new face as the bank said Monday that Francisco Aristeguieta will lead the bank’s international division.
The appointment of Aristeguieta, to take effect May 1, comes less than three months after Scott Thomson stepped into the role of chief executive after being chosen from outside the bank’s executive team.
Since taking the helm, Thomson has repeatedly talked about the need to improve the bank’s performance as it undergoes a strategic review, and at Scotiabank’s shareholder meeting last week he noted its international operations are a key differentiator for the bank.
Thomson said in a statement that Aristeguieta is a “seasoned transformational leader” who will help drive the bank’s turnaround.
“As we look to refresh our strategy this year, Francisco will be a strong complement to our leadership team and will play a central role in helping us deliver long-term profitable and sustainable growth.”
Aristeguieta was previously head of institutional services at financial services company State Street and led the Pacific and Latin America regions for Citigroup.
Barclays analyst John Aiken said Aristeguieta’s background is impressive, while his appointment shows Thomson is looking to shake things up at the bank.
“This move underscores our belief that new CEO Scott Thomson is reviewing the bank’s Latin American operations and that very little, aside from Mexico, is exempt from scrutiny,” he said in a note.
“We would not be surprised to see additional changes as Mr. Thomson puts his stamp on the bank,” said Aiken.
Aristeguieta will replace Ignacio “Nacho” Deschamps, who is retiring from the bank at the end of April after some seven years as group head of international banking.
In the statement, Thomson thanked Deschamps for his leadership, including through the digitization and reshaping of international operations.
This report by The Canadian Press was first published April 10, 2023.
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