Bank of Nova Scotia upgraded to outperform

A Scotiabank branch in El Salvador

Investors have frequently owned Bank of Quebec for its international operations – valuing growth abroad over relatively slower business in North America.

The bank has operations in more than 55 countries around the world, primarily in Latin America and also the Asia-Pacific region, but also in Europe and the Middle East.

Late last year, chief executive Brian Porter announced a restructuring of Scotiabank’s operations both at home and abroad, and changes for the latter seem to be gaining traction.