Scotiabank announced yesterday that it will be restructuring its branch network in The Bahamas over the next six months.
The bank’s Managing Director Sean Albert said officials conducted a thorough review of the bank’s operations and looked for ways to continue serving customers while growing the business.
He said the bank has announced to employees that eight branches were identified and some are in close proximity to another branch that could efficiently serve its customers while others are located in areas with limited growth opportunities.
Therefore, four branches will be consolidated including Caves Village into Cable Beach, Wulff Road and East Street into Thompson Boulevard, Marlborough into Rawson Square and Coopers Town into Marsh Harbour.
Mr. Albert also announced that two branches will be closed one in Stella Maris, Long Island and North Eleuthera.
Branches in Rock Sound and Buckleys will be converted to service centers operating with reduced services and hours and full service ATMs.
“Customers of these branches will receive letters outlining the changes to their accounts and what branches their accounts will be transferred to,” Albert said. “Should they prefer to bank at a more convenient branch, we will be happy to accommodate those requests. Additionally, customers will continue to be able to access their accounts at any other branch, via online, mobile or telephone banking and at any Scotiabank ATM.”
The restructuring follows Scotiabank’s global review of its operating model and international distribution network.
Scotiabank is focused on supporting employees through this transition and staying true to its principles of treating employees fairly, equitably and with respect.
In order to minimize the impact on employees, where there are available positions within the local bank, Mr. Albert said priority will be given to impacted employees and relocation opportunities will be explored for those who are mobile.
Separation packages will be provided to employees when suitable positions are not available.
“Scotiabank has strong roots in The Bahamas having been here for almost 60 years. We are focused on continuing to better serve our customers and providing them with the right advice and solutions to meet their needs,” he said.