Bank of the Year, Caribbean: Scotiabank

Nov 1, 2013

A strong regional reach and global perspective to operations makes Scotiabank stand out

When it comes to historical presence in the Caribbean, the Bank of Nova Scotia ticks all the boxes. It first established operations in Jamaica in 1889, just 50 years or so after the first banks emerged on the island. The Jamaica branch was set up in 1897 — even before one was in Toronto.

Thus was the century-long process begun for a broad, pan-Caribbean franchise that the bank has continued developing through to the present day.

Today, the bank boasts a formidable footprint in the region, with presence in 25 countries. Its long-standing focus on the Caribbean — once the cornerstone of the bank’s international strategy — is paying off, despite a difficult operating environment, leaving the bank well positioned to profit from an upturn in the region’s fortunes.

Scotia has long sought growth through its international operations, which now account for 27% of the bank’s global profits. But its focus...

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