November 1, 2009
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 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, Scotia says deposits totaled 151.0 billion Jamaican dollars, up from 148.6 billion Jamaican dollars the pre
Jamaica may have been hard hit by the global recession, but that probably ended up benefitting Scotia’s operations on the tropical island.