UPDATE 3-Scotiabank names Porter president, seen as heir apparent

Wed Oct 31, 2012 4:12pm EDT
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* Seen as likely successor to CEO Rick Waugh

* Waugh said in April he had no plan to step down soon

* Dieter Jentsch to replace Porter as int'l banking head

By Cameron French

Oct 31 (Reuters) - Bank of Nova Scotia has appointed Brian Porter to the role of president, Canada's No. 3 bank said on Wednesday, a move that suggests he will eventually succeed longtime Chief Executive Rick Waugh.

Porter, 54, who joined the Toronto-based bank in 1981, is currently group head of its strategically important international banking division, which has operations in about 50 countries through Latin America and Asia.

He will officially take over as president on Thursday and report to Waugh, who had been both president and CEO. Dieter Jentsch, currently the bank's executive vice president for Latin America, will take over Porter's role as head of international banking.

Waugh, 64, who has held the bank's top job since 2003, told Reuters in April that he had no imminent plans to step down.

But CIBC World Markets analyst Robert Sedran said Porter's promotion indicates he'll be the bank's next CEO.   Continued...