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Scotiabank Committed to T&T Despite Restructuring

Scotiabank Committed to T&T Despite Restructuring

Posted by Shanelle Weir on November 06, 2014

Scotiabank Trinidad and Tobago Senior Vice-President and Managing Director Anya Schnoor yesterday reassured the bank’s customers that it is taking steps to ensure they receive “better service in the most efficient way.”

Schnoor, made this comment in a statement issued by Scotiabank , 24 hours after a news report said the bank planned to close 35 of its 200 branches in the Caribbean region. However the bank did not identify any of those branches or the countries they are located in. 

In the statement, Schnoor said, “We have been implementing a number of operational efficiency initiatives for some time in the Caribbean region, and more specifically in Trinidad and Tobago.” 

“We will continue to do so to ensure that we can provide our customers with better service in the most efficient way,” she added.Schnoor also said Scotiabank celebrates 125 years of operation in the Caribbean and 60 years in TT, this year. “We have a long history in the Caribbean and we remain the pre-eminent bank in the region.” In the statement, the bank indicated, “Over the coming months, as we move forward, we will continue to provide our employees and customers with more information.” “This will take some time and therefore, we do not have detailed information on local impacts at this time,” the bank said. 

Scotiabank also said, “In recent years, International Banking has worked to build our market position, both through organic growth and selective acquisitions. This growth has served Scotiabank well but has also created some overlap and duplication of services through our footprint.”“As a result we undertook a review of our operating model and international distribution network and found opportunities to strengthen our retail presence by investing in area that are going to improve the speed and quality of service for our customers,” the bank added. In a statement on Tuesday, Scotiabank said it has initiated certain restructuring initiatives in order to improve the speed and quality of service it provides its customers, to reduce costs in a sustainable manner, and to achieve greater operational efficiencies. 

Scotiabank said it intended to record a restructuring provision of approximately $148 million in the fourth quarter. The majority of the restructuring provision relates to employee severance charges in the Bank’s CanadianBanking and International Banking divisions and will affect people at all levels of the organisation. 

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