Best Bank − Jamaica: Scotiabank
Nov 1, 2008
Finding Growth
Competition is tight at all ends of Jamaica’s banking market. The system’s two largest, Scotiabank and National Commercial Bank (NCB) were nearly level in assets as of mid-year, with 287 billion and 280 billion Jamaican dollars, respectively. Profitability was also close, with Scotia claiming an ROE of 25.61% and NCB 29.54%, as of the end of July and June, respectively
Scotia’s assets saw 31% growth year-on-year as of April, on the back of major growth in assets related to wealth management – 194% year-on-year as of April – and insurance rising 43%. “Investment management is a very tough market,” in terms of competition in Jamaica and the Caribbean, says Scotiabank CEO William Clarke. To continue expanding in a sector he describes as even more competitive than retail, the bank is focused on rolling out new...
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