Best Bank Jamaica: Safe Deposits Haven
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
In terms of assets, Scotia is Jamaicas 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,...
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