TORONTO, Jan. 14 - Scotiabank President and Chief Executive Officer Rick Waugh today called for an overhaul of policies to bolster Canada's international competitiveness and urged both government and business to tackle these challenges as a key priority.

"Canada needs to orient a range of policies - market structure, competition, investment, trade - toward strategic sectors and the ability of firms to succeed as truly global competitors," Mr. Waugh said in the Bank's submission to the federal government's Competition Policy Review Panel. "At the same time, Canadian businesses need to be more aggressive in their pursuit of growth opportunities abroad."

Mr. Waugh recommends that the government eliminate the specific ownership limits for banks and rely on the Finance Minister's discretion to assess potential foreign bank investments.

Download the full Submission to the Competition Policy Review Panel [PDF: 311 kb].

Further information - Press Release