09:31 AM EDT, 03/26/2025 (MT Newswires) -- Bank of Nova Scotia ( BNS ) named Pablo Elek to take over at its Mexican unit as the Canadian bank reworks its operations to focus on North America, Bloomberg News is reporting Wednesday.

Elek, who has been serving as a top executive at HSBC Holdings Plc's Mexico unit for the last four years after working in Banco Santander SA's Mexico retail-banking operations, will take over on May 15, replacing Adrian Otero, the bank said in a statement filed with the local stock exchange.

Bloomberg noted Scotiabank, which runs the fourth-biggest loan portfolio in Mexico, has redirected its capital from Latin America to Canada and the U.S. In early January, Scotiabank said it would transfer its operations in Colombia, Costa Rica and Panama to Banco Davivienda SA of Colombia.

Chief Executive Officer Scott Thomson said last month in a call with analysts that it was too early to reconsider its "North American corridor strategy" amid the risks from U.S. tariffs.

However, he said the bank had been "thoughtful" about deploying capital in Mexico, which represents less than 10% of the bank's earnings, compared with nearly 15% from the U.S. and more than 50% from Canada.

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