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Member Profile
Jim Meek
By Alan La Rue

Jim Meek began his career with Scotiabank in 1966 when he took a position as a teller at a branch in his hometown of Cornwall, Ontario, then entered international operations in 1970 when he took the role of Operations Manager for Jamaica. Later, back in Canada, he was eventually promoted to Senior Vice-President for Human Resources, in 1991.

In 1996, Jim again steered his career into Scotiabank's international operations and took an assignment as Country Manager in Peru. He left Peru in 1999, only to return again in 2005 to head up the integration among Scotiabank, Banco Weise and Banco Sudamericano. Scotiabank has recently taken majority stakes in both of these Peruvian institutions.

Scotiabank was founded in 1982 and is Canada's most international bank, with 48,000 employees serving customers from branches and offices in 50 countries. Jim is a past director of the ACAP, and together with his wife Tish, has been a strong supporter of our association.

His enthusiasm and optimism for the future of Scotiabank in Peru is remarkable. I spoke to Jim in early March at his office in San Isidro.

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ACAP: Jim, are you exited to be back in Peru after an absence of seven years?

JM: Yes. Professionally and personally. Both my wife, Tish, and I love this country and we hated to leave Peru seven years ago.

ACAP: Things can change quickly in Peru. What are some of the changes that you noticed after seven years?

JM: Just walking down the street I see all kinds of changes. The new parks, the cleanliness. The change is really noticeable.

ACAP: You have worked in seven different countries. How does working in Peru compare?

JM: Whatever the country, it's the people that make the difference. The people in Peru, in my personal experience, are tremendous to work with. Their attitude towards work is second to none and it is clear that they want to get ahead with their own personal and professional development. Working with them is a real treat. They want to excel and they have demonstrated that to me time and time again.

ACAP: Are there special challenges involved in working here?

JM: I think the special challenge is coming up with the right strategy to move ahead and compete in this market. The competition here is tough, the existing banks here are strong and professional, so we need to make sure that we choose the right niche that we can compete in.

ACAP: Why do you think that it is such a good time to invest in Peru?

JM: In the first place, because the economy is so strong, and in the second place, because the penetration of banking services in the population is low, so this gives us the opportunity to grow. I think that coupling the local knowledge of Banco Weise and Banco Sudamericano with the regional and international knowledge of Scotiabank is the right mix at the right time.

ACAP: Can you elaborate on that? What does Scotiabank bring to the table?

JM: We are in fifty countries and we have worked in Latin America for many years, and our skill set fits nicely with what Banco Weise and Banco Sudamericano can do.

ACAP: Will the fact that the bank will be perceived as a Canadian institution help its ability to compete?

JM: I think so, and that goes back to the relationship between Canada and Peru. There is a very good opinion of Canadians in Peru and vice versa, and we need to build on that not take advantage of it, but build on it. I think that we can continue to develop the relationship that exists between the two countries.

ACAP: What kind of synergies will you be looking for as you integrate Scotiabank with Banco Weise and Banco Sudamericano.

JM: Some of the things that the banks are doing in Peru are ahead of what we are doing in Canada. Since the banks here are smaller, they can react and adapt quicker. So we want to learn some of the things that they are doing here, and help build on them. There are some things that I see banks doing here in Peru that we may be able to apply to some of the other countries where Scotiabank works in Latin America. There is a lot that banks here can be proud of.

ACAP: Will we see a lot of new Canadians coming to work at the bank?

JM: Probably not. I see very few Canadians coming in on a long-term basis, although we will have some short-term people come to help install new processes, but we really do not see a need to bring in expats because of the high quality of the people here. In fact, what is more likely is that some of the people here will take positions in Canada.

ACAP: Jim, I cannot help but notice that you are bubbling with optimism.

JM: That is true, and it's primarily because we have local talent here who know the country. They know their environment, they know how to work, they know the legal and regulatory environment which is so essential in terms of being successful. We have the people, and we think we are here at the right time.

ACAP: What is the biggest mistake a foreign bank can make when they set up shop in a new country?

JM: Not understanding the people and the qualities that they have, not understanding the legal and regulatory systems, and rushing into something too quickly in terms of integration. Planning and timing is so critical to the success of integration. The most important factor, the most essential, is communication. We need to make sure our people know what we are going to do, when we are going to do it, and how we are going carry out the changes.

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