The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Scotiabank (Bahamas) yesterday said it was making “substantial upgrades” to several branches alongside its downsizing exercise, adding that the nationwide restructuring was being drive by its Toronto head office.

The bank, which is closing six branches and reducing another two to ‘service centres’, said it was aiming to “minimise overlap” between its different locations.

“We continue to look for efficiencies and cost saving opportunities in order to make sure we can invest in the areas that are going to improve the effectiveness and quality of service for our customers,” Scotiabank (Bahamas) said in response to Tribune Business questions.

“For example, we are concurrently making substantial upgrades to our Main and Thompson Boulevard branches to enhance the customer experience. Additionally, the bank’s Rawson Square facility is currently under a major renovation focused on strengthening and improving our operations for many years to come.”

Acknowledging that the branch restructuring, which could result in up to 50 job losses, was driven by Scotiabank’s review of its global banking network, the Bahamian subsidiary said: “As a result, we undertook a review of our operating model and retail distribution network, and identified opportunities to streamline our operations and improve efficiency.

“The review of the retail distribution network was assessed by analysing branch performance and market potential. The branches being closed or consolidated are either in close enough proximity to another branch that could efficiently serve our customers, or in markets with limited growth.”

When it came to its Family Island retrenchment, Scotiabank (Bahamas) emphasised that it was retaining a presence in both Long Island and Eleuthera by reducing its remaining branches to service centres.

“The bank will continue the process of analysing the opportunities in those islands to determine the optimal strategy for its potential retail presence in the future, and how it may continue to support their economies,” Scotiabank (Bahamas) added.