The Brazil Canada Chamber of Commerce (BCCC) Thursday kicked off its 40th anniversary celebration by naming Bank of Nova Scotia CEO Rick Waugh Person of the Year for his efforts to improve the ties between Brazil and Canada.

Scotiabank (TSX:BNS) is one of BCCC’s oldest members.

Scotiabank has been operating in Brazil with a representative office since the early 1970s. With the acquisition of Dresdner Bank in 2011, the bank now offers its customers a wide range of corporate and investment banking and capital markets products and services in the country.

In 2011, Waugh was appointed by Prime Minister Stephen Harper as the Canadian co-chair of the Canada-Brazil CEO Forum and together with other business leaders is working to identify practical ways to grow the trade and investment ties between Canada and Brazil.

Waugh thanked the chamber for the honour and said that “Scotiabank is committed to developing the trade and investment relationship between Brazil and Canada, including supporting the ongoing efforts of the BCCC.”