The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net 

SCOTIABANK (Bahamas) yesterday confirmed that four of its branches will be consolidated into other locations while two Family Island offices will be closed over the next six months.

The restructuring of its branch network is projected to leave an estimated 50 people unemployed, the bank confirmed to The Tribune. Officials said they were working to minimise the impact.

Free National Movement Leader Dr Hubert Minnis yesterday raised concerns that an additional 50 people will be added to the unemployment line. He appealed to bank executives to remain sensitive to the financial obligations of those affected.

He said: “First of all. we have concerns with anybody being laid off. However this government has no vision for this country and I am hoping that the Bahamian people will soon lay them off.”

“I am (hopeful) that Scotiabank will at least be humane to the workers and find out what kind of bills they have and the commitments so that they can be assisted (especially) if they have mortgages that those can be extended,” Dr Minnis said.

Where there are available positions, the bank said priority will be given to affected employees who are qualified. Employees who are open to relocating will be allowed to do so where positions are available. Separation packages will also be provided to employees when suitable positions are not available.

In a press statement yesterday, Scotiabank’s Managing Director Sean Albert said the layoffs were in line with a view toward better organisation to serve customers at reduced structural costs. The bank initially announced that it was reviewing its structure in November 2014.

Mr Albert said the decision to restructure was not taken lightly.

“We conducted a thorough review of our operations,” he said, “and looked for ways to continue serving our customers while growing our business. The restructuring follows Scotiabank’s global review of its operating model and international distribution network.”

Three branches in New Providence will be consolidated: Caves Village into Cable Beach; Wulff Road and East Street into Thompson Boulevard; and Marlborough into Rawson Square. In Abaco, the Coopers Town location will be consolidated with the branch in Marsh Harbour.

Two branches at the Family Islands will be closed, including the location in Stella Maris, Long Island and one in North Eleuthera. However, automated teller machine (ATM) service will be maintained in North Eleuthera.

The branches in Rock Sound, Eleuthera and Buckleys, Long Island will be converted to service centres operating with reduced services and hours and full service ATMs, the statement said.

Mr Albert said customers of these branches will receive letters outlining the changes to their accounts and to which branches their accounts will be transferred.

“Should they prefer to bank at a more convenient branch, we will be happy to accommodate those requests. Additionally, customers will continue to be able to access their accounts at any other branch, via online, mobile or telephone banking and at any Scotiabank ATM,” he said.