January 6, 2026•
3:23 PM•
Economic news
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By Christine Dobby
(Bloomberg) — Bank of Nova Scotia’s international business could benefit from a rightward political shift in Latin America alongside rising U.S. influence in the region, Chief Executive Officer Scott Thomson said.
After what he described as a “bit of a lost decade” for regional growth, U.S. President Donald Trump’s renewed push for Western Hemisphere dominance should prove a longer-term positive, Thomson said Tuesday at Royal Bank of Canada’s annual Canadian bank CEO conference. U.S. forces ousted Venezuelan President Nicolas Maduro over the weekend.
“Longer-term, this is a good thing for the Western Hemisphere. It’s a good thing for the U.S. It’s a good thing for the Bank of Nova Scotia,” he said. Thomson said political movements toward the right or center-right in countries including Chile, Colombia and Peru, along with what he called a “very business-friendly administration” in Mexico, are supportive of stronger growth. That trend should benefit Scotiabank over the next several years, he said.
He also pointed to the so-called Trump Doctrine — a modern take on the 19th-century Monroe Doctrine outlined in a national security strategy late last year — as another factor he views as favorable for growth.
Toronto-based Scotiabank has the largest proportional international exposure of any Canadian bank. The lender exited Venezuela in 2014, Thomson said, but maintains operations in Mexico and owns a 20% stake in Colombia’s Banco Davivienda SA.
Thomson’s view on recent developments in Venezuela contrasts with some analyst assessments.
Scotiabank may take a more cautious stance on commercial lending in Latin America, TD Cowen analyst Mario Mendonca said in a report Monday, warning that such restraint could delay loan growth and weigh on its turnaround plan, which is now in its third year.
Meanwhile, as Trump pledges to reopen the Venezuelan oil industry, Thomson said Canada must respond. Both countries produce heavy crude, raising the risk of increased competition to supply U.S. Midwest refineries designed to process it.
“Having another pipeline here for Canada, I think, is really important,” Thomson said, adding he hopes this strengthens the federal government’s push to build major national infrastructure projects.
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Last modified: January 6, 2026
