By Euan Rocha and John Tilak
TORONTO (Reuters) - Bank of Nova Scotia has warned regional soccer body CONCACAF, which is deeply enmeshed in the FIFA bribery scandal, that it will withhold funds from a major sponsorship deal unless the confederation cleans up its act, according to a source familiar with the bank’s position.
“The bank is deeply concerned," said the source, speaking on condition of anonymity due to the sensitivity of the matter. "It does not want to be associated with scandals like this at all."
The source said a new management team at CONCACAF led by new President Alfredo Hawit Banegas has brought in top-tier restructuring advisors and legal counsel and was starting to take the "remediation measures" that the bank, which is widely known as Scotiabank, is demanding.