Sohrab Movahedi: Okay. Thank you. Maybe if I can just stay with Francisco. Mexico, I think, has been highlighted a couple of times both in Scott’s remarks and Jake’s remarks is an area of opportunity. I think last year, this quarter, it contributed to about 7% of total bank earnings. It’s up close to 11%. It’s been a nice offset to Chile within the Pacific Alliance. Just curious as to what the growth prospects there look like? And how much – what’s the risk appetite, I suppose, at the total bank level. How much of the total bank can be accounted for by Mexico in particular? And if you could just give us a little bit of additional color as to what is that business? Is it secured, unsecured? And is it going through – is it going through a boom benefiting from the U.S.? Or is there a chance that we may have a similar, I guess, slowdown like Chile is experiencing?
Francisco Aristeguieta: Well, thank you for the question. I would say, first on a macro basis, we are very bullish on Mexico. We believe the dynamics around that economy will continue to benefit growth and certainly benefit our positioning in country. So we’re very, very positive as to the outlook and position in Mexico, given what is going on around efforts like near-shoring and other dynamics that are certain to benefit economic growth in Mexico. Our business construct is very well diversified across different aspects of our universal banking capabilities. When you look at our corporate commercial positioning is very, very strong. And as Jake alluded to, we’re seeing very positive growth in that business. And certainly, commercial will benefit from the near-shoring phenomenon that is price to continue to grow sustainably over the coming years.
From the retail perspective, what you’ll see is our credit performance has been quite strong. It’s primarily a secured portfolio. So in terms of our exposure currently in Mexico, the overwhelming majority is secured and therefore, performing quite well. We expect to move to primacy as we are across the bank, and we intend to penetrate further those relationships that primarily today are mono liner mortgages into a more broad-based primacy driven relationships. So we expect that again to be a contributor to outside growth within our franchise. So overall, very positive in Mexico, not only the macro outlook, but certainly our positioning within that macro outlook. And in the context of the connectivity of Scotiabank across Canada and the international footprint, certainly a strong contributor to our long-term positioning for growth and capital allocation.
Sohrab Movahedi: Francisco, how important are your local presence in places like Colombia and Peru to future success in Mexico?
Francisco Aristeguieta: Well, it is a mix story. I would say that when you look at our positioning in each of these countries is quite relevant and add scale domestically. Our ability to connect those markets for the benefit of global initiatives will be very important to determine that relative importance in the context of the strategy, and we’re working towards that in our refresh. So I would say today, it’s important to get improvement in all of our operations in all the points that Scott has highlighted in terms of efficiency, disciplined allocation of capital, improvement of capital return. So that remains our core effort. And over time, what we intend is to maximize the opportunity of connectivity across that footprint.
Sohrab Movahedi: Okay. Thank you very much for taking my questions.
Operator: Thank you. There are no further questions on the line.
John McCartney: Okay. On behalf of the entire management team, I want to thank everyone for participating in our call today and look forward to our Q4 call. This concludes our third quarter results call. Have a great day.+
