Senior vice-president of Scotiatrust Bahamas Doug Stewart has denied its acquisition of MeesPierson means employees will be made to reapply for their jobs.
“That definitely is not true,” Mr. Stewart told The Guardian on Wednesday.
He said MeesPierson employees have been offered positions with Scotiatrust and that a number of them have responded favourably.
Employees have until the end of the week to respond to the offer and it is expected that about 35 of them will join Scotiatrust.
Asked why the acquisition at this time, particularly with uncertainties in global economic trends, Mr. Stewart said: “It’s a tremendous opportunity for Scotiatrust to buy a private banking business in a very competitive market. It is a great opportunity to grow our business.”
Mr. Stewart said Scotiatrust is global, and that its Bahamas branch is the headquarters for its offshore trust business.
He said that Scotiatrust has confidence in The Bahamas’ economic and political environment.
“We have had a strong support from the Government and making an acquisition at this time makes a clear statement that Scotia has every confidence in The Bahamas.”
MeesPierson, the private banking division of Benelux-based Fortis, provides investment, structuring and trusts, finance and insurance services to clients worldwide.
Mr. Stewart said that MeesPierson’s decision to terminate its private banking and trust activities in The Bahamas is based on a desire to concentrate more of its activities in countries that fit into its strategic plans.
Scotiabank was established in The Bahamas in 1965, and operates 18 branches, offering a full range of retail and commercial banking services. Scotiatrust Bahamas was established in 1958.
Scotiatrust boasts of more than 110 years in communities across 24 countries in the Caribbean and Central America.
With more than 220 branches and more than 300 ATMs, Scotiabank is the leading bank in the Caribbean.
With more than $193 billion in assets, as at Oct. 31, it is also one of North America’s premier financial institutions and Canada’s most international bank.
Approximately 49,000 employees of the Scotiabank Group and its affiliates deliver a diverse range of products and services including personal, commercial, corporate and investment banking to about 10 million customers in 50 countries.
By Lindsay Thompson, The Nassau Guardian
