Scotiabank aims for 16% ROE

Canada's Scotiabank (NYSE: BNS) is aiming for a future ROE above 16% from its Chilean subsidiary Scotiabank Sudamericano, in line with the performance of other international units, local financial daily El Diario quoted Scotiabank's international project manager Moises Gutfrajnd as saying. The Canadian bank took control of Sudamericano in 2000 and began a cleanup and reorganization process to return the bank to profitability. For this year, Scotiabank Sudamericano is aiming for an ROE of between 13-15%, the bank's commercial manager Jeremy Pallant said earlier this year. The Canadian parent sees the Chilean market as "very competitive" because of its small size with many aggressive players, Gutfrajnd said. Scotiabank managers in Chile have said the bank is open to acquisitions to boost its local market share but Gutfrajnd said that traditionally Scotiabank has preferred organic growth instead of buying market share.