The Bank of Nova Scotia's (BNS)("Scotiabank")(the "Bank") most recent annual report and presentation to investors lays out the strategic priorities for the bank. The most notable strategy is the increasing investment in Pacific Alliance countries. This article explores the macroeconomic and commercial prospects of Scotiabank's investments in these regions as a source of performance against its peers. Overall, the economic outlook for these regions is generally positive, and significantly higher net interest margins are available in these regions. These gains in yield are accompanied by additional credit risk and currency risk.