Scotiabank announces consolidation in Grenada

Scotiabank has announced that it will be closing its Grenville branch, effective May 22nd, 2015.

The closure is part of the global restructuring exercise which was announced by Scotiabank’s CEO Brian Porter in November 2014.

Scotiabank Caribbean East’s Managing Director, David Noel travelled to Grenada to meet and speak with staff about the changes.

Noel said, “We are conscious that the consolidation or closure of branches can have a significant impact on our customers, colleagues and communities. This decision was not taken lightly and was made with careful thought.”

He stressed that in keeping with Scotiabank’s values, staff will be treated fairly and with respect.

He outlined the bank’s strategies for minimizing job losses and reducing the impact on staff.

“In order to reduce the impact on our people, we will be offering some of them jobs at other branches. When we are filling any vacancies in the future, we will give priority to employees who have been impacted by this initiative and who qualify for available positions,” assured Noel.

The closure comes out of Scotiabank’s global review of its operating model and international distribution network. This review uncovered opportunities to streamline operations and also identified branches which were located in areas of slow growth.

Noel stated that the restructuring took into account changing banking habits and as such Scotiabank had already invested in strengthening its electronic and self-service banking channels, including online and mobile banking and ATMs.

He stated that letters are being sent out to customers to advise them of the change and how it will impact them.

He also noted that Scotiabank intends to retain an ABM in Grenville to accommodate the needs of customers who live and work in the area.

“We are focused on how we can continue to better serve our customers and provide advice and solutions tailored to meet their financial needs,” concluded Noel.

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