Richard E. Waugh, president of Scotiabank, visited the Dominican Republic last week and met with President Hipolito Mejia. He praised the investment climate in the Dominican Republic and, according to the Listin Diario, encouraged the Dominican authorities to continue with its plan to open the economy. As reported in the Listin, the banker said that the DR has three fundamental characteristics: sustained economic development, a good climate for foreign investment and widespread hospitality for visitors.
Waugh?s visit forms part of a new effort for the bank to increase operations in the Dominican Republic, where it has been conducting business for the past 82 years.
This is one of Waugh?s first visits abroad as president of Scotiabank, following his appointment in January 2003. Previously he was vice chairman, in charge of wealth management and international banking.