October 31, 2012 / 1:52 PM / 6 years ago

Scotiabank names Porter president, seen as heir apparent

(Reuters) - Bank of Nova Scotia (BNS.TO) has appointed Brian Porter to the role of president, Canada’s No. 3 bank said on Wednesday, suggesting he will eventually succeed longtime Chief Executive Rick Waugh.

Porter, 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.

Waugh, 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 analysts Robert Sedran said Porter’s promotion indicates he’ll be the bank’s next CEO.

“I think it’s pretty clear that that’s the next step. I’m expecting somewhere in the area of a one-year transition period and then Brian will be named president and CEO,” he said.

Dieter Jentsch, currently the bank’s executive vice president for Latin America, will take over Porter’s role as head of international banking.

Jentsch and heads of the bank’s other three business lines - Canadian banking, global wealth management and global banking and markets - will report to Porter.

The bank’s shares were up 0.5 percent at C$54.42 on the Toronto Stock Exchange. (Reporting By Cameron French, additional reporting by Krithika Krishnamurthy in Bangalore; Editing by David Gregorio)

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