The Globe and Mail reports in its Thursday edition that Bank of Nova Scotia is shifting more money to its North American businesses, where it believes it has bigger opportunities for growth than in its Latin American operations. The Globe's Stefani Marotta writes that 10 months into his tenure as chief executive officer, Scott Thomson unveiled his new strategic plan on Wednesday to revive the bank's beleaguered share price, aimed at reallocating capital, building its book of deposits and reviving employee morale. The new CEO made his first major appeal to shareholders at the bank's investor day as he attempts to capture the confidence of Bay Street to bolster the lender's stock. Over the next few years, the bank will apply 90 per cent of its capital -- up from 70 per cent in 2023 -- to its key businesses in Canada, the United States and Mexico, where it believes it will benefit from the $1.6-billion in annual trade between the three countries, as well as the Caribbean. "The return profile of the international bank has not been commensurate with the risk and it's been a drag on overall returns," Mr. Thomson told reporters in a subsequent roundtable. The bank also wants to expand its B.C. and Quebec customer bases.
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