Recently, Canadian banking giant Scotiabank (TSE:BNS) put some weight behind women’s sports with a new sponsorship arrangement. Interestingly, this move came at the same time as it promoted another woman, Terri-Lee Weeks, to the CEO slot of one of its banking units.
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The new move saw Scotiabank become an “official and founding partner” of the CONCACAF W Champions Cup, a women’s continental football—or soccer—club that covers North America, Central America, and the Caribbean. Currently, the tournament boasts 11 teams, including the Vancouver Whitecaps.
Word from Scotiabank’s chief marketing officer, Laura Curtis Ferrera, noted that Scotiabank has actually had a long association with CONCACAF, which goes back a decade. With women’s soccer on the rise throughout North America, Ferrara noted, getting in on the action now should not only be a solid marketing move on Scotiabank’s part, but also a sound move in general.
All This and a Promotion Too
Meanwhile, Scotiabank also promoted a woman to the chief executive slot of its Tangerine unit. Starting November 1, Terri-Lee Weeks will take over the slot from Gillian Riley, who is stepping down after 30 years with Scotiabank. Riley has been with the bank since 1994, advancing through the ranks in small business operations, retail banking, and more.
As for Weeks, Weeks joined Scotiabank back in September of 2021, where she started out near the top as the executive vice president of the retail customer arm. Tangerine is the part of Scotiabank that was once ING Direct but was rebranded after Scotiabank bought it back in 2012. With over two million customers and not a loonie in daily banking fees, the end result is a business that will need quite a bit of management to cover a customer base of that size.
Is Scotiabank a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on TSE:BNS stock based on one Buy, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 28% rally in its share price over the past year, the average TSE:BNS price target of C$70.46 per share implies 2.39% downside risk.
