The Right Honourable Prime Minister Stephen Harper today announced the appointment of Rick Waugh, President & CEO of Scotiabank, as the Canadian Co-Chair of the Canada-Brazil CEO Forum. The announcement was made at an event in São Paulo.
The Forum, composed of 6-8 CEOs from each country, will provide recommendations to the President and Prime Minister on strategic priorities to advance the bilateral partnership and to strengthen international competitiveness. The Forum will be co-chaired by Mr. Waugh and Murilo Ferreira, President & CEO of Vale S.A. (Vale).
“I am pleased to be Co-Chairing the Canada-Brazil CEO Forum, an important step in discovering new opportunities for closer ties between our two countries,” said Mr. Waugh. “I look forward to working closely with Mr. Ferreira and my Brazilian and Canadian colleagues to develop new relationships and advance the priorities of the Forum.”
Scotiabank has long ties with Brazil having operated in the country since 1972, when the Bank opened a representative office in São Paulo. Over the past 40 years, Scotiabank has facilitated trade between the two countries, providing large volumes of financing and strengthening relationships in the market.
The Bank further strengthened its presence in the country and the region in 2010 with the agreement to acquire wholesaler Dresdner Bank Brasil S.A. – Banco Múltiplo (DBB). On completion of the transaction, Scotiabank expects to be the only Canadian bank in Brazil with a multiple banking license. In December 2010, Scotia Waterous acted as sole Financial Advisor to Sinopec International Petroleum Exploration and Production Corporation in its acquisition of a 40 per cent interest in Repsol Brasil S.A. This acquisition became the largest arms length oil and gas deal in Brazilian history, and the second-largest oil and gas transaction in the history of both Latin America and China.
In addition to his role as President and CEO of Scotiabank and former Vice-Chair of the Bank’s International Banking Division, Mr Waugh was a member of the Inco board of directors during the transaction that established Vale’s ownership. Mr. Waugh currently serves alongside Roberto Setúbal, President & CEO of Banco Itaú, Brazil’s largest bank, as Vice-Chairs of the Institute for International Finance.
“Canada and Brazil are linked by a history of cooperation and they are building on that by bringing to the table their individual strengths to create an even stronger partnership,” added Mr. Waugh. “The Forum will provide an opportunity for proactive and sustained development to diversify trade and growth between the two nations.”
The largest and most populous country in South America, the Federative Republic of Brazil is South America’s leading economic power. With more than 190 million people – including about 70 per cent between the ages of 15 and 64 years – Brazil has the fifth-largest population in the world. The size of the Gross Domestic Product (GDP) is an estimated US$2.3 trillion in 2011, the 7th largest GDP in the world – measured in Purchasing Power Parity (PPP) terms by International Monetary Fund standards. The nation has large and well-developed energy, agriculture, mining, manufacturing, and service sectors, which serve as the foundation for the country’s economy.
As Canada’s most international bank, Scotiabank has had operations in Latin America for more than 40 years, which have contributed greatly to the Bank’s success and geographical diversification. Scotiabank’s Latin American footprint includes operations in Brazil; Chile; Colombia; Mexico; Peru; Uruguay and Venezuela, where the Bank has more than 25,000 employees, 2233 ABMs and 1212 branches in the region, including affiliates.
Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $571 billion (as at April 30, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit http://www.scotiabank.com/.
For further information:
For media inquiries: Paula Cufre, Scotiabank Media Communications, 416-866-4833; paula_cufr[email protected]