Jun 2012 Financial News

Scotiabank announces the retirement of Country Head and Managing Director - Richard Young

Jun 04, 2012

Port of Spain, June 1, 2012 - Scotiabank Trinidad and Tobago Limited today announced the retirement of Richard P. Young as Country Head and Managing Director of Scotiabank Trinidad and Tobago Limited after 17 years of dedicated service. Mr. Young has chosen to retire effective October 31, 2012.

"Since joining us in 1995, Richard has been a key contributor to our success in International Banking and in particular, to our success in Trinidad and Tobago," said Brian Porter, Chairman of the Board of Scotiabank Trinidad and Tobago and Group Head of International Banking at Scotiabank. "He has demonstrated a strong commitment to our customers, the community and his colleagues. The Bank very much appreciates his contribution, and I know I speak for all Scotiabankers in thanking Richard and wishing him all the best in his retirement."

Mr. Young joined the Bank in 1995 and since 1997 has led the team at Scotiabank Trinidad and Tobago Limited through a significant period of growth and change. Under his stewardship, Scotiabank Trinidad and Tobago's assets grew in excess of 200 per cent - from TT$7.1BN in 2001 to TT$17BN in 2011. In the same period, the group's Net Income increased by 257 per cent from TT$152.4 MM to TT$544.3MM, representing a compounded annual growth rate of 13.6 per cent.

"It has been a most rewarding experience and I will miss the Bank and the people, but I am confident that they are in a great position and well-placed for continued success into the future," said Mr. Young.

Under Mr. Young's leadership, Scotiabank in Trinidad and Tobago expanded from two companies to six, including a charitable foundation, a brokerage firm and an insurance company. Mr. Young was also part of the team that transformed Scotiabank Trinidad and Tobago Limited into a Sales and Service organization and more recently, helped to facilitate the creation of a Shared Services Hub in Trinidad which services Scotiabank branches throughout the Southern Caribbean.

Mr. Young has been very involved in the community and the initiative closest to his heart is the annual Scotiabank Women Against Breast Cancer 5K, which was hosted for the thirteenth consecutive year in September 2011. Over the years, the proceeds of this event have funded screening, mammograms and ultrasounds for more than 16,000 women.

About Scotiabank
Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 27 countries, including affiliates. The Bank has more than 15,500 employees in the region, including affiliates, serving more than two million customers, with 450 branches, kiosks and other offices, more than 1,000 ABMs.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 77,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets of $637 billion (as at January 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

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Contact:
Cindy Mohammed
Manager - Public and Corporate Affairs, Sponsorship and Philanthropy
Scotiabank Trinidad and Tobago
T: 868 625 3566 ext 2202
E: cindy.mohammed@scotiabank.com


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday June 4, 2012