Best Bank Jamaica: Safe Deposits Haven
Nov 1, 2009
Jamaica may have been hard hit by the global recession, but that probably ended up benefitting Scotia’s operations on the tropical island.
According to CEO Bruce Bowen, when the going gets tough and people start looking for a safe haven where to park their money, they turn to his bank, which has a market share of about 30% by assets, which increased to 308 billion Jamaican dollars in June 2009 from 286 billion Jamaican dollars in June 2008.
In terms of assets, Scotia is Jamaica’s second largest bank after National Commercial Bank (NCB), but in terms of deposits, it is the largest player. Bowen says that most of the growth in deposits came from customers shifting their money from other banks to Scotia. As of June 2009,...
Already have an account?
Subscribe
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Subscribe
Free trial
Take a free two-week trial now for the latest news, data and market analysis.
Free Trial