Scotiabank to crop staff after sale of financial institution’s Eastern Caribbean operations

At least 20 Scotiabank staff members job in trouble as the bank is trimming employees after the sale of the financial institution's Eastern Caribbean operations.

According to the bank's, statement restructuring was essential, and debates about the changes were held.

It added that the bank is discussing these changes with both our employees and our union partners over the past several months.

Earlier this month the Toronto based bank drastically scaled down its operations when it finalized an approx US$ 123 million deal with Republic Financial Holdings Limited which operates Republic Bank.

The Eastern Caribbean territories of Anguilla, Dominica,St Kitts & Nevis, Grenada, St Lucia and St Vincent, Grenadines and St Maarten are the countries directly affected by the sale.

The Scotia life insurance subsidiaries in Trinidad & Tobago and Jamaica will go to a new Sagicor subsidiary, while the operations will go to the RFHL.

More than 30 Branches of Scotiabank were closed between 2015 and 2016 and cut about ten per cent of its Caribbean workforce.

In keeping with the shrinking of its footprint in the region the bank then closed its Holetown, St James branch in July.