The Bank of Nova Scotia(US:BNS) MINT·2026-01-06 19:54Core Viewpoint - Bank of Nova Scotia's international business is expected to benefit from a political shift to the right in Latin America and increasing US influence in the region, as stated by CEO Scott Thomson [1][3]. Group 1: Political and Economic Context - The last decade has been described as a "lost decade" for regional growth, but renewed US efforts for dominance in the Western Hemisphere are seen as a long-term positive for the region [2]. - Political movements toward the right or center-right in countries such as Chile, Colombia, and Peru, along with a business-friendly administration in Mexico, are expected to support stronger economic growth [3]. Group 2: Company Positioning - Scotiabank has the largest proportional international exposure among Canadian banks and has exited Venezuela but maintains operations in Mexico and holds a 20% stake in Colombia's Banco Davivienda SA [4]. - The CEO's perspective on developments in Venezuela contrasts with some analysts who suggest a more cautious approach to commercial lending in Latin America, which could impact loan growth and the bank's turnaround plan [5]. Group 3: Industry Implications - The potential reopening of the Venezuelan oil industry under US influence raises competition for Canadian heavy crude, which could affect supply dynamics for US Midwest refineries [6]. - The CEO emphasized the importance of building major national infrastructure projects in Canada to respond to these competitive pressures [6].