(March 6 – 10:20 ET) – In a speech to shareholders at Bank of Nova Scotia’s annual meeting in Halifax today, chairman and CEO, Peter Godsoe, presented a rosy view of the longer-term prospects of the bank and Canada.

“I remain very optimistic about our future, the future of Canada and of Scotiabank Group. And, importantly, I don’t think this country will experience the same magnitude of slowdown that the U.S. will likely see,” said Godsoe.

Godsoe outlined the bank’s strategy, “We are maintaining a clear focus on our customers. We will continue to reallocate capital to high-growth, high-potential areas, while managing our costs aggressively and building on our core competencies, including our tremendous diversity by product, market and geography, and our great team of people.”

Godsoe suggested that Canada is on the right track and that the bank is, too. “I’m an optimist, and I’m of the view that the glass is half full. The progress we’ve made here in Canada, particularly in recent years, in both public and private sectors is really at the root of my positive outlook. Canada has now completed its 22nd consecutive quarter of growth. Our country has been first or second in growth among G7 countries in each of the past four years. Unemployment is near a 25-year low, and inflation has tracked well within the 1 to 3% target range and has been consistently lower than in the U.S. since 1992.”

He lauded government initiatives of fiscal restraint tax cuts and debt reduction. “Canada’s fundamentals are in very good shape. We’re an open economy, well positioned for the future, and we have an increasingly flexible, pro-business policy environment,” he said. “We’re proud of our success in the past ‹ and we are committed to continuing to deliver the results, and the long term shareholder value you have rightly come to expect from Scotiabank.”
-IE Staff