The Bank of Nova Scotia says Ignacio Deschamps will retire at the end of April after seven years with the financial institution
in March that it gave each of the two a one-time stock award due to the “importance of maintaining the overall strength of the leadership bench, and the future potential of Mr. Lawrence and Mr. Rees.”
To fill the executive seat, Mr. Thomson is bringing in a new hire from outside the bank. Francisco Aristeguieta – currently executive vice president and CEO of Boston-based bank State Street Corp.’s institutional services unit – steps into the role leading Scotiabank’s international division on May 1.
Mr. Aristeguieta has more than three decades of international banking experience in markets including Latin America, North America, Asia, Europe and the Middle East. In his most recent role, he managed more than 85 per cent of State Street’s revenue globally and oversaw the strategic repositioning of its asset servicing business.
Prior to joining State Street in 2019, Mr. Aristeguieta spent 25 years at New York-based Citigroup Inc. where he led the businesses in the Latin America and Asia Pacific regions. He worked in both consumer and institutional-focused divisions, and managed the digitization of the cards, retail and wealth management businesses in Asia and the Middle East.
“Francisco is a seasoned transformational leader with a proven track record of delivering results, leading multiple business segments for major financial services organizations across global markets, including Latin America,” Mr. Thomson said. “As we look to refresh our strategy this year, Francisco will be a strong complement to our leadership team and will play a central role in helping us deliver long-term profitable and sustainable growth for our shareholders.
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