Chile has seen its way through the worst of the pandemic in an economically responsible fashion while also managing significant political transformation, guests on the most recent episode of the Focus Americas podcast said.

Diego Masola, Executive Vice President and Country Head of Scotiabank Chile, and Jorge Selaive, Chief Economist for the Bank in Chile, joined John McCartney, head of Investor Relations, to discuss the outlook for the South American country. They also discussed Scotiabank’s growth in Chile and commitment to the South American country.

Selaive said Chile has been going through a hectic period politically, between the election of a new president and the ongoing process to create a new constitution. He said the new president, Gabriel Boric, has managed the economy in a responsible manner so far, with help from his Finance Minister, who was previously President of the Central Bank.

Masola said Scotiabank is working closely with its Chilean clients to help them reach their ESG goals.

“ESG and climate change mitigation efforts are here to stay, and we continue to look for opportunities and ways in which we can support our clients though the transition with important investments that will help them achieve their sustainability goals,” Masola said.

He also highlighted the growth Scotiabank has seen in Chile, and how the Bank's full range of financial services makes it unique in Latin America.

“A core strength of our Bank … is displaying the full array of Global Banking and Markets products and capabilities throughout our footprint,” he said. “Our connectivity in the Pacific Alliance is key, but furthermore the teamwork and coordination we consistently achieve with Canada, the United States and other countries in the region exemplifies what Scotiabank is about.”

Despite political challenges and even during the COVID crisis, Latin American countries have demonstrated a commitment to their robust democracies and to continue improving the lives of their citizens, said Professor Cynthia McClintock on the most recent episode of Scotiabank’s Focus Americas podcast.

“There’s this desire to reform, to figure out from global norms and practices what they could adapt that will work for them and allow them to move forward despite the challenges of the last year,” said Prof. McClintock, a professor of political science and international affairs at George Washington University in Washington, D. C., who specializes in Latin American politics. She was speaking to podcast host Phil Smith, head of Investor Relations at Scotiabank.

Prof. McClintock said Latin American countries – especially the Pacific Alliance countries of Chile, Colombia, Peru and Mexico – emerged from the aftermath of the Cold War with relatively robust democracies, even though they faced serious challenges and deep inequality along the way. “That led the Latin American countries again to say, hey, you know, if we want to move ahead at all, if we want to resolve these conflicts, we’re going to have to have a legitimate government that’s recognized as the government of the people.

“It has been a difficult year with COVID, but definitely in Latin American countries there is a commitment to doing better.”