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Financial News

Nov 2014 Financial News

Scotiabank wins bank of the year

Nov 11, 2014

SCOTIABANK has been named Bank of the Year 2014 in Trinidad and Tobago by LatinFinance magazine for its stand-out performance during the past year, excelling in areas including growth, profitability, asset quality, solvency and efficient use of the capital markets.

Commenting yesterday on this achievement, Senior Vice President and Managing Director, Scotiabank Trinidad and Tobago Limited, Anya M Schnoor said, “We are pleased to be named Bank of the Year in Trinidad and Tobago by LatinFinance.” “This year we celebrate our 60th anniversary in Trinidad and Tobago so to win this prestigious award in such a milestone anniversary year is indeed great news.”

She sxplained, “Since 1954, we have built our success by staying focused on our customers to help them ‘discover what’s possible’ while investing in our people and supporting our communities.”

LatinFinance’s Bank of the Year awards titles are awarded based on the success of banks: whether it is outperforming peers in growth and profitability, working to maintain asset quality and capital, rolling out effective products, or accessing capital markets with prowess.

The awards focus on banks’ performance between July 1, 2013 and June 30, 2014. LatinFinance sought qualitative and quantitative data from banks after drawing up a shortlist for each category based on size of assets, position in the Dealogic fee league tables, or the 2013 MIX/IDB Top 100 report on microfinance. The editors supplemented submissions from banks with publically available financial statements and regulatory information, as well as data and opinion from equity and credit analysts.

In a statement last week, Schnoor indicated, “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 made that 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.

“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.

 

Source:
Newsday
Tuesday November 11, 2014

http://www.newsday.co.tt/business/0,202775.html