Scotiabank to consolidate branches at digital centre
Scotiabank’s George Town branch is set to close
(CNS): Scotiabank is planning to close two of its branches and consolidate to a new digital centre at Camana Bay. The bank says its HQ near Grand Harbour will remain open but the former George Town HQ and its smaller branch in the Strand will close when it moves to the new location. Officials said that the bank remained committed to Cayman and that recent television reports that it was closing all of its branches were inaccurate.
The new branch will occupy 19,000 square feet over two floors in Dart’s town centre and will operate as “a digital branch facility”, officials said. It will open on 16 April and will be the first fully digital branch in the Cayman Islands. The bank said the new centre has been designed with the customer and future of digital banking in mind using technology.
An on-site concierge will be there to demonstrate new self-service channel offerings and assist customers. Service will be provided via tablets providing greater emphasis on digital banking, where customers can browse online content and perform onsite internet banking transactions.
“The unique design of this branch lends itself to an enhanced customer interaction as well as
offering several technological innovations,” said Dwight Burrows, Managing Director, Scotiabank & Trust (Cayman) Ltd. Burrows said that the bank was excited to be the first “to usher in a new and exciting digital era of banking to better serve the Cayman Islands community”.
Scotiabank has been in the Cayman Islands for 53 years and officials made it clear they remained committed to the islands, though it’s not clear if the consolidation of the branches will result in any job losses.
Category: Banking & money, Business
What is going to be sold, cut, or transferred out next?
This has all the makings of an orderly wind down of Scotiabanks business.
They are probably looking for buyer for their retail book of business however, likely they have no takers as of yet. They have Scotiabank in Canada who probably for reputation and accounting reasons cannot just let this one go under.
It is likely the Trust side of the business is still doing ok and that makes sense that they would be located in Camana Bay.
Watching for the run on this one—seems like a BAF and Clico thing again!
The cost of living and the cost of doing business in Cayman is ridiculously high and any smart business owner will explore ways of keeping those costs down. What the Government needs to address is not what a private business decides to do with its business operations; they need to address their laws, policies and duties that cause living and conducting business here to be so dang expensive!
Residential and commercial rent is through the roof and there are no regulations in place; businesses that specialize in products that other businesses on-island must buy for their operations are charging an arm and a leg for those products because to bring them in they must pay Gov up to 27% importation duties (and the duties are not just charged on the item it is charged on the total of the item and SHIPPING of the item!!!).
Can you imagine the maintenance and janitorial costs to Scotia each year to retain the GT headquarters and Strand branches? And the fees janitorial companies charge not only on the cleaning service but also on the cleaning products.
If Cayman does not want companies who have options to continue downsizing and cutting costs this way; especially in this technological era where it is so easy to do so – then our lawmakers have to explore ways to reduce the major overheads these businesses face.
These businesses must offer super high salaries to entice qualified experienced staff to come here because people know Cayman is expensive and the sought-after employees would refuse to move here unless they are making enough to live very comfortably during their tenure – then the health insurance companies raising their rates EVERY single year for about the past 6 years are more costs to be considered!!! And there are no regulations for this and no one auditing or investigating if the costs are justifiable.
I agree that it is sad that this bank had to opt to go this route; but I don’t blame any business that wants to pack and leave or downsize and cut costs while operating in these islands.
Business is business, and business owners have much regard for their employees – but if their business goes bust because they decided they didn’t want to upset some employees by having to let them go because they can’t afford them, then they would be starving their own families for employees that will pack and move on when they see the opportunity or need to do so anyway.
Dart’s Islands?
The MAN with the POINT bought ….. Scotia, God don’t you all understand.
Often big developers will buy out the old property, the scotia house to get the tenant to move in to the new one, Camana Bay. I don’t doubt that Dart either owns or will soon own the scotia building. And probably everything else in town right after.
Thanks for the article! I was actively considering moving my business to BNS, now I will not do so. No way I am going to Camana Bay to do my banking, especially with my business.
“Burrows said that the bank was excited to be the first “to usher in a new and exciting digital era of banking …”
How about bringing some of that new and exciting digital era to the 20th century Scotiabank website?!
or cutting down the wait in your lines and poor customer service… a joke that they think we swallow
Well we need a new court-house so perhaps Scotia is doing us a favour.
Personally I haven’t been inside since a Scotia employee stole the proceeds of my fixed deposit 35 years ago. She was convicted but no compensation for me.
They need more updated equipment and non dinosaur staff.
at least they will be out of business soon! they are right free markets do work
Buy cryptos #F$%kAbank
I wonder what will be left of Scotia in Cayman. Seems they are shrinking their business in Cayman. What’s next?
what do you think comes next?……Pick me pick me “they are going to shut down”
Do you know how to read a whole article?
Lack of caymanian employment #usual
Is it not time that Government sit down with all these major banks and publicize their findings concerning their intentions for the Cayman Islands, and the financial sector in particular? They pay no interest, but are nickel and diming us everywhere with their new fees, so might as well put it under the mattress.
One particular Class A bank has even moved their check printing elsewhere. So much for entry level jobs for Caymanian school leavers. Some of them have used us for over 50 years to build up the rest of the Caribbean, and now they are abusing their privileges here.
If you look carefully, this is a trend that started with the local telecommunications industry that Caymanians built with blood sweat and tears, and government sat idle and allowed employment to be shifted offshore and now we are starting to see it with the banking sector.
The Minister of Financial Services you are really silent.
The delicious irony in Cayman criticising an onshore bank for “offshoring” — actually onshoring – financial services. Well guess what – the jobs go where the economics dictate. Our cost of doing business and the amount of red tape and governmental interference is so high that it makes sense for outfits like Scotia to switch their banking service departments to cheaper jurisdictions. Tax advantages no longer cut it – at least, not in the service side of the industry.
Banks make a fortune on the 80-82-84 spread. Its time to shrink it to 80-81-82
Er… how much you wanna do at 82 offered? (ps it’s .83 mid)
So a longer drive to join the worst queues of any bank in Cayman?
You’ve got to be going some to have the worst customer service in Cayman’s banking sector but Scotia manages it with room to spare.
banks and their banking fees, like most things in cayman…… give you 3 star service for 5 star price
Will they still be offering foreclosures…. I mean mortgages?
Bad service.
DART is heading for G.T. now. I much afraid we will all need new passports other than Caymanian, British /EU soon to travel around the Caymanian Islands. Scotia Bank building in G.T. is just the beginning. Mark my words TeeTee, MeeMee and Uncle Joe.
Get over yourself 1.09am, suspect you have been on the hard stuff at that our of the day…
Anonymous says:
13/03/2018 at 1:09 am – Not sure what rock you’ve been hiding under but this is not his first foray into property buying in GT! LOL!!!
Asleep at the wheel Cayman!!
Cayman has a reputation for letting people past immigration that could never dream of travelling anywhere else in the world AND giving them visas and/or work permits to stay here.
We have thousands of people living and working here that have been denied US Visas without the US Visa office even blinking an eye… I highly doubt that those holding the said passports will have any issues.
Dart is a business man; he is doing what business people do – investing. It’s our Government that has no foresight or plan for the available spaces in these islands and they do not offer proper assistance to Caymanian business people so that they too can become successful. The private schools offer lessons on investing, business and stocks but our public high schools do not.
If Caymanians have an issue with the entire island being bought up; then stop selling it or start investing in it instead of always trying to keep up with the Joneses. I know people who could have bought a piece of land with the money spent on their constant smartphone upgrading.
Will there be regular human tellers at the new branch?
Their tellers already operate like robots. Not even a smile or acknowledgment when having to wait so long in their lines. Worst customer service and the dumbest policies of any bank on island.
How did the bank get blindsided by this and have someone else give their bad news. The private sector is getting worse and the civil service is getting better every day. Never though I would see that day.
I have been a customer of scotia for 30 years and had to read about this major change on CNS.
Yes, the letter they wrote you is stuck in the post…which is run by CIG/CS if I am not wrong? That’s improvement for you. Cayman Style.
Even further for my elderly parent to drive.
with all the new roundabouts and roads, now they are even moving landmarks.
What about all their central George town customers? We now need to drive to Camana Bay! Think I will look around for a new bank.
Sad.
Looks like everyone is clammering to get to Camana Bay!
Hope Scotia lose all their long standing customers.
Haha this is hilarious. If granny can’t drive thru an extra roundabout or three then maybe granny shouldn’t drive.
If she is driving through them rather than round them, quite agree! At least she will get parked at CB – parking spaces downtown like hens teeth.
So how did Grannie manage to navigate into Central GT thru all the traffic and cruise ship zombies only to get to Scotia and have nowhere to park?
Maybe walked because they live in Central GT.
Nice shiny new and quick roads to drive on, not snarled up George Town streets with tourists everywhere…did you actually think before you wrote or just wanted to have a good bitch about something?
I think there were just complaining about having to drive to Camana Bay, which they are are entitled to complain about just as you are entitled to be excited about driving to Camana Bay so no need for the snidey comment.
Well, it’s closer to the customers in West Bay!
Any business that is not invested in providing local employment is not going to get any of my business so I hope to be the first to use the new digital branch to close my accounts.
They are Cayman digital branches, you muppet.
Please nobody buy or lease the building. Time for it to be destroyed.
George Town revitalization starts with its demolition, quickly followed by the glasshouse then the courthouse.
All good news. The court can take the building over. They have been moaning about more space for years. Brilliant solution.
Then the Thompson building and that horrific Anderson Square thing.
Good spot for another court house!,
Imagine George Town with a clear line of sight from the Legislative Assembly. It only takes one attractive space to make an attractive town. The way the buildings around that space border it would create a dramatic visual effect with Scotia and the Court House demolished. We would have one decent vista for people to photograph and for us to promote. Landscape the whole area, move the Heroes Square fixtures, you can even keep the name just make it bigger. I think people are quite ready to see something happen smack in the middle of town. Lots of Camana Bay development, lots of development around the edge of town in the past few years, it’s time for the area most on display to get the attention and transformation it deserves.
Building already purchased, by WHO DO YOU THINK!!!
Whodatis?