Scotiabank secures partnership with global finance company


Scotiabank secures partnership with global finance company

Customers to benefit significantly

Observer business writer

Friday, March 20, 2020

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The Jamaica Observer has confirmed that Scotiabank is about to sign a deal with a global financial services company, which will bring significant benefits and opportunities for its local and regional customers.

Senior vice-president for international banking at Scotiabank's parent company in Canada Brendon King, who made the confirmation, would not spell out the details of the deal given that the partnership has not yet been signed off on. However, he emphasised that it will bring new benefits and opportunities to new and existing customers.

He admitted that the partnership will also bring a new banking service to customers which doesn't currently exist. Despite being pressed for details on the impending deal, King was unyielding, emphasising that the details would only be revealed when the deal is closed.

He was asked about the value of the partnership but that question too was met with a non-response. King, who is also a director on the board of Scotiabank's local subsidiary, would only say the deal will accrue “significant benefits to customers by giving them the opportunity to facilitate their transactions, their purchases on a global and local basis – with more benefits for the customers”.

Speaking with the Business Observer at the conclusion of Scotiabank Jamaica Group's annual general meeting last week, King sought to reassure local shareholders and customers that the bank will remain in Jamaica. His reassurance comes in the wake of Scotiabank selling its banking operations in nine non-core markets in the Caribbean to Trinidad-based Republic Financial Holdings Limited.

The countries include Anguilla, Antigua, Dominica, Grenada, Guyana, St Kitts & Nevis, St Lucia, St Maarten, St Vincent & the Grenadines. Republic Financial indicated that planned to spend a total of US$123 million for the acquisitions.

King gave Scotiabank's commitment to Jamaica, where it has been for the past 131 years, that the bank will not be selling out its Jamaican operations which started as far back as 1889. The Scotiabank Canada senior VP noted that while some decisions were made as the smaller markets in the Caribbean last year, the bank remains committed to the Caribbean region on a whole.

He pointed out that after the sale of some of the operations in the Caribbean last year Scotiabank still remains the biggest bank in the Caribbean, servicing over 1.5 million customers, and is looking forward to a great future in the Caribbean.

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