With a third of its earning assets outside Canada, major international operations make Scotiabank unique among the top six Canadian banks. Canada's third largest bank in terms of assets is growing fastest in Central and South America, the Caribbean and Mexico.

For those who remember the debt-driven financial crises and high interest rates that Mexico, Argentina and Brazil endured starting in the mid-1990s, fear not.

First, Scotiabank's business in developing nations represents about a quarter of the bank's total international portfolio. Most of Scotiabank's foreign operations are in developed areas such as the U.S. and Western Europe. Second, those developing countries are much better financial shape these days, with Brazil now a leading driver of global trade. Consequently Scotiabank plans to open over 100 new branches in Mexico this year, and is increasing its presence in Southeast Asia. So, even though its exposure in developing countries is small relative to the bank's size, these markets could sustain growth.

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