Latin Finance - November/December 2011 - 9

AdvErtiSiNg FEAturE

Promising the world, but who can deliver?
By Alberta G. Cefis
While global trade marches forward, and your clients refocus on growth plans in distant corners of the world, you feel the shock of the current debt crisis as credit takes centre stage. Ratings, risk and transparency are increasingly important And while you are eager to support your clients in their overseas exploits, it’s become harder to find a correspondent with the complementary global network, knowledge and service focus who can support your clients. with local issues, practices and languages? This can make all the difference when you want to build relationships. In terms of execution, determine if the correspondent has in-house centralized processing centres. At Scotiabank, all correspondent activities occur under the umbrella of the Global Transaction Banking (GTB) group creating global accountability and consistent platforms and practices.

Where in the world do banks bank?

Put partners under the microscope
To overcome this challenge, you need to evaluate whether a prospective correspondent is a strong player in the right markets. At Scotiabank, we serve many European and U.S. banks who have access to our wide network of local banks and trade offices across Latin America, the Caribbean and Asia. As well, examine the strength and stability of the financial institution to ensure they have staying power. Scotiabank has a history of strong leadership, a diversified business model and a risk management culture that has consistently delivered superior returns. Based in a country with one of the world’s best regulated banking systems, we’ve remained business focused, and that has been a main driver of our success.

Real world results
Results are the best evidence of a correspondent’s capability, so look for examples of relevant transactions they’ve completed. For instance, we recently helped one of Brazil’s largest banks on behalf of its client, a major engineering firm, when they bid to construct a number of highways, hydroelectric and port facilities in Costa Rica and required performance guarantee bonds from a local bank. Through our offices in Sao Paulo and Costa Rica, we provided the multi-million dollar bid bonds to satisfy all public and private sector beneficiaries, helping the client secure the massive infrastructure projects. When client relationships are at stake, you must be extremely selective about your correspondents, and choose a partner with the strength, global network and local expertise you can trust in today’s volatile conditions.
At Scotiabank, correspondent banking has always been an important focus. With an international network, and partner-based

approach, our global team of relationship and product managers provides our correspondents with expert, innovative and customized solutions. Our global network has specialists throughout North America, the Caribbean, Central & South America, Asia, Europe, Africa & the Middle East. Count on us to make enquiries and/or introductions on your behalf, ensuring your global needs and those of your customers are met. For a complete list of contact information, please visit www.scotiabank.com/corrbkg

Basic transactions vs. deep relationships
You must also gauge a bank’s underlying commitment to business expansion and investment. For example, at Scotiabank we’ve continued to grow our operations in more than 50 countries by making acquisitions from Brazil to Thailand, as well as investing in a global trade platform to enhance service delivery. In addition, understand how they will deliver – do they have dedicated relationship managers in the markets who are familiar

As Executive Vice-President & Head, Global Transaction Banking, Alberta G. Cefis oversees Scotiabank’s trade finance, cash management, payments and correspondent banking services. Under her leadership, Scotiabank has continually earned industry awards, such as World’s Best Trade Finance Bank in Canada in 2011, according to Global Finance, and recognition by Trade Finance as Best International Bank in Peru and Best Trade Bank in Central America and the Caribbean in 2011.

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* Trademark of The Bank of Nova Scotia, used under licence (where applicable).

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Latin Finance - November/December 2011

Table of Contents for the Digital Edition of Latin Finance - November/December 2011