Scotia Bank closing some Caribbean Branches

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Former Member

Bank of Nova Scotia will close 120 branches, eliminate 1500 jobs. and take a US$396M write-down to cover bad loans, many of which are in the Caribbean hospitality sector,

Thirty five out of 200 branches in the Caribbean will be closed. According to CEO Brian Porter “In some of these countries, we are just over-branched and we have to size it to the economic realities of these economies.” More in this Jamaica Observer post.

A Financial Post article has more on the situation in the Caribbean, or what it calls the sore spot for Canadian banks.

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Former Member

Doan worry Doan worry GY branch safe. Too much cocaine money down here we cannot close this Branch it is the most lucrative.....

11/8/142:05 PM

Former Member

Scotia lost a lot of money in the Caribbean. It looks like they took a beating from banks like the Jamaican National Building Society

11/9/149:02 PM

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