Best Bank − Jamaica: Scotiabank
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
Scotias 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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