Blanco joined last month, according to an internal memo from Cathy Welling, head of the private client unit. It is not clear if Blanco replaces anyone in the role.

It is understood that Scotiabank is seeking to grow its footprint in areas including Mexico, Chile, Peru and Asia.

Moreover, Chris Hodgson, wealth management head, has reportedly said in the past that the wealth unit would be searching for acquisition opportunities in partnership with Scotia Capital and international banking.

Blanco has worked for Scotiabank since 2004 as part of the international banking mergers and acquisitions team. Here, he played a “key role” in growing the bank's presence across Latin America.

Earlier in his career, he worked in deal execution and client coverage roles for JP Morgan Chase & Co’s investment banking unit in the US and Mexico.

Yesterday it emerged that net income from the bank's global wealth management shot up 23.9 per cent year-over-year to C$298 million for the quarter ended 30 April 2012.