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In turbulent economic times, it's natural to expect a decrease in cross-border business activity and trade. However, all signs today point to the positive effect that the worldwide fiscal stimulus is having on the economy. Emerging markets such as China are leading the way down the road to recovery. In a year when global output is shrinking by nearly three percent, China and India are expected to expand by six to eight percent in 2009.
Recently, Ben Bernanke, Chairman of the U.S. Federal Reserve, suggested that the recession was "very likely over", triggering renewed confidence for businesses everywhere. As companies seek growth and become more active in cross-border business and global trade, one of things that will be top of mind is the bank they choose as a financial partner.
For Scotiabank, our success has always been rooted in a belief in diversification by business, by geography and by product.
That belief in diversification has made us unique in Canada and in the world - in that we have become Canada's most international bank. Our growth took us not only beyond provincial borders, but beyond national borders. Today, we have a rich heritage in the Caribbean that goes back more than 120 years, and we have operated in Asia and Latin America for decades. We know how to succeed in new markets, and this means understanding the business and local environment and the needs of our customers.
As global commerce recovers, trade activity will increase. This means that financial institutions also need to find dependable correspondent banking partners to help meet their overseas trade finance needs on behalf of their clients.
In this issue of InterAction we focus on two companies who are embracing business across borders and we explore the importance of strong global partners for financial institutions to better support their customers in this post-economic crisis marketplace.
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Bob Grant
Senior Vice-President, GTB Sales
