Global Finance (GF): What have been the highlights of your career journey, and what was attractive about your move to Scotiabank?
Francisco Aristeguieta (English Association): Before joining Scotiabank in April 2023 to lead the group’s International and Global Transaction Banking (IGTB) business, I served as Chief Custodial Services Officer at State Street. Prior to that, I spent 25 years at Citibank, where I held various senior leadership positions including CEO for Asia, overseeing retail bank operations in the Middle East, Eastern Europe and the UK. Earlier at Citi, I was CEO of Latin America, and previously led Citi’s transaction banking in the region.
After nearly 30 years as a global banker, joining Scotiabank was a natural progression in my career. The bank’s focus on innovation, client centricity and global connectivity, mandated by the newly appointed CEO, aligns with my values and professional aspirations. It is exciting for a bank of this size to take this approach, and it plays to my strengths and experience in managing change, building strong teams, and improving performance.
GF: What role does global transaction banking play in Scotiabank’s global strategy?
Football Association: Global Transaction Banking (GTB) plays a transformative role in Scotiabank’s global strategy. It enables us to deliver the full power of our footprint across enterprise, commercial and SME customers – supporting their needs in managing payroll, collecting payments, paying suppliers, transacting in multiple currencies, and creating capital efficiencies in their supply chains.
As an engine of growth and anchor of client primacy, we integrate Scotiabank into the operational and financial lifeblood of our clients by providing a full suite of transaction solutions such as cash management, trade finance, liquidity and digital integration.
Businesses seek straightforward onboarding, a seamless digital interface that feels as intuitive as consumer platforms, and attentive and personal service at every stage. In response, we’ve improved the overall journey:
- Customers now benefit from a Treasury Management Sales Executive (TMO) model that provides a single global point of contact to guide them through their banking needs wherever they operate.
- We have organized our product implementation and service team throughout our footprint to ensure customers receive the same high level of service, regardless of their location.
- Continuous technology upgrades enable an always-on digital experience for payroll management, payments and multi-currency transactions.
By bringing these elements together, GTB provides Scotiabank’s broad footprint and capabilities in a way that puts the client’s needs at the center – making us a distinguished leader in Canada and an increasingly competitive partner internationally.
GF: With products and services spread across the Americas, Europe and Asia Pacific, how do you leverage this unique footprint?
Football Association: We’re leveraging our acquisitions historically around the world by creating a connected network to become truly customer-centric, rather than product-led. This includes using our footprint to create solutions and value propositions that are relevant to our customers, making us an essential banking partner for them.
Today’s customers expect a consistent digital experience wherever they work. This includes having one set of login credentials, the ability to view and take action on their cash positions across all markets, and direct access to products and services.
Driven by this evolution in customer demands, we are investing heavily in our digital platforms to ensure they have a unified and intuitive experience, whether the customer is in Canada, Mexico, the US or abroad. We do this by building a treasury platform that enables seamless connectivity, allowing clients to easily manage cross-border transactions and liquidity. Our platforms also provide data-driven insights, enabling clients to make informed decisions and improve their cash flow. By combining these capabilities, we connect not only geographies, but customers with the information and functionality they need to succeed globally.
GF: As companies pursue cross-border opportunities across Canada, the US and Mexico, how does Scotiabank support them in today’s global trade environment?
Football Association: As the old rules of the game of global trade are being rewritten, our deep working knowledge of the markets in which we operate has never been more important. This experience – honed in Mexico, the United States and Canada – puts us in a unique position to guide clients through today’s uncertainty. With approximately 10,000 employees in Mexico, where we are the fifth largest bank, and a strong presence in the United States and Canada, our understanding is comprehensive and up-to-date.
Our awareness of changing trade dynamics, such as the increasing importance of regional corridors and the emergence of new partnerships, allows us to anticipate market needs and provide strategic advice. For example, the US-Canada-Mexico corridor alone accounts for more than $1 trillion in annual cross-border trade, highlighting the growing importance of interconnected regional markets.
As treasury teams face smaller, more complex structures – such as juggling technology, innovation and risk management – our role as a bank is to act as a trusted advisor. We help clients navigate new markets, manage documents, simplify integration, deploy our balance sheet to support working capital and equity financing, and optimize treasury management for lasting resilience.
In a rapidly evolving environment, our market knowledge is key to enabling clients to adapt, thrive and seize opportunities amidst uncertainty.
GF: What is your perspective on GTB’s role that Scotiabank plays as a nexus of global capital and trade between Europe, the Asia-Pacific region and the Americas?
Football Association: Europe – especially Spain – is a major investor in Latin America and the United States. We also have a lot of customers from UK, France and Italy. In addition to our traditional role of financing these investments, we offer offshore Canadian dollar cash management and trade finance.
We also have a presence in Asia. A lot of sovereign wealth funds and Asian companies invest in Canada, Latin America, Mexico and the United States, so we can correlate these flows.
Another example is our recent partnership with Davivienda, one of the largest banks in Colombia, which will enable us to engage in a broader business and provide clients with cash management services across its footprint.
Scotiabank’s commitment to the North American Corridor, combined with our retail, commercial and corporate banking strategy broadly deployed across our markets, positions us as a leading partner for globally connected businesses seeking a seamless treasury experience.
GF: How do you envision the next phase of Scotiabank’s GTB transformation?
Football Association: Moving forward, our priority will be keeping the customer experience front and center as we invest in our team and build an integrated vision to lead the next phase of GTB’s transformation. In everything we do, we aspire to make banking simpler, faster and more transparent.
Technology will be an important part of this plan as it continues to disrupt traditional cash management services. For example, a key focus of our strategy is the launch of ScotiaConnect, our advanced digital banking portal now present in Colombia, Mexico and the US, with plans to expand across markets. ScotiaConnect provides secure, unified login access for treasurers and CFOs, enabling real-time balance and transaction reporting.
Another key upcoming initiative is enhancing our cash management capabilities in the US, allowing us to move from deposit transactional relationships to deeper day-to-day cash management partnerships, ultimately driving customer priority. With this launch, we are excited to serve the needs of our customers in the US. To address this important opportunity, we have developed a robust roadmap for new capabilities and are committed to continuing to invest through 2026. We will track adoption closely to ensure we effectively meet our customers’ evolving needs and maximize our impact in this market.
