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Financial News

Jan 2016 Financial News

‘Scotiabank will continue to grow’

Jan 25, 2016

Scotiabank Trinidad and Tobago managing director Anya Schnoor believes the bank will continue to grow this year despite tough economic conditions.

She said the bank's 23 years of consistent growth and profitability, even in harsh periods, including the recession of the 1980s and the slowdown last year, was a clear indication that it does not buckle under stress.

“What we have found is that even in the worst of economies there are always opportunities for growth. What you have to do is put yourself in a position to be ready for that and that's what Scotiabank has done,” she told stockbrokers at a meeting a Scotiabank's Richmond Street, Port of Spain office on Wednesday.

“You have to remember that in 2015 the economy wasn't growing either. If you think about it the economy really hasn't grown in the last few years so it doesn't matter, we have been growing market share and that's a function of the work that we have been doing in terms of our infrastructure, training and productivity of our sales force,” Schnoor said.

She said even if the economy slowed further, this may not necessarily impact on Scotiabank.

“Do we expect as we go forward the economy to continue to slow? I think we will definitely see that in the energy sector but of course, the energy sector doesn't really borrow a lot in Trinidad. A lot of it is offshore with their international conglomerates and their international relationships. So we will see some of the service companies and some of those entities slowing down,” she add.

Outlining some of the bank's strategies going forward, Schnoor said focus will be placed on becoming a one-stop shop for customers.

“We want them to come in and buy banking services, wealth insurance. You can get it all here,” she said.

She noted that emphasis will also be placed on transforming the bank into a digital bank.


By Leah Sorias
Trinidad Express
Monday January 25, 2016