Scotiabank has announced a partnership with a global finance company to provide certain banking services for its customers in the Caribbean.
The deal, which is to be signed in the coming days, will bring significant benefits and opportunities coming to Scotiabank customers. Senior Vice President for International Banking at Scotiabank’s parent company in Canada, Brendan King, who made the announcement, would not give out any details on the basis that the partnership deal has not yet been signed off on.
However, he said that the partnership will bring new benefits and opportunities to new and existing customers, declaring that such a deal shows Scotiabank’s intent to remain in the Caribbean. King, who also sits on the board of Scotiabank Jamaica, said the arrangement will bring new banking service to customers, which do not currently exist.
Questioned about the global financial service company, King would not comment on the company or details of the deal. Speaking at the end of Scotiabank Jamaica Group annual general meeting last week in Kingston, King said details would be shared once the deal is complete.
He was asked about the value of the partnership but that question too was met with a non-response. King would only say the deal will accrue “significant benefits to customers of giving them the opportunity to facilitate their transactions, their purchases on a global and local basis with more benefits for the customers.”
Speaking with Caribbean Business Report 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 included 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.
The Scotiabank Canada Senior VP noted while some decisions were made on the smaller markets in the Caribbean last year, the bank remains committed to the Caribbean region as a whole.
He pointed out after the sale of some of the operations in the Caribbean last year, Scotiabank remains the biggest bank in the region servicing over 1.5 million customers and with a great future in the Caribbean.