GEORGETOWN, Guyana, CMC – The Bank of Nova Scotia (BNS) will transfer its Guyana banking operations to Scotiabank Guyana Inc. (SGI). This locally registered company is a direct, wholly owned subsidiary of the Bank of Nova Scotia, Canada, effective November 1 of this year.
A statement from Scotiabank said SGI has already been incorporated in Guyana and has been granted a license to conduct banking business and provide financial services under the Financial Institutions Act. It stated that this transfer will have no impact on customers, employees, suppliers, or any other stakeholder.
The Bank of Nova Scotia has been operating as a branch in Guyana since 1968, but has decided to reorganize its business for greater efficiency and capital management.
“This structure is in alignment with Scotiabank’s other global operations, including those in the Caribbean region (The Bahamas, Barbados, Cayman, Dominican Republic, Jamaica, and Trinidad & Tobago and Turks & Caicos) and Latin America (Brazil, Chile, Mexico, Peru), which operate as subsidiaries.”
The statement said that the main change resulting from this reorganisation is the new name of the company.
The statement noted that clients and suppliers are already familiar with the bank as Scotiabank. Still, it will now start to see the new name of “Scotiabank Guyana Inc.” as its legal name, as opposed to the previous name, “The Bank of Nova Scotia.
“We have made several recent investments, including technology enhancements to our Mobile App, the introduction of payment solutions for retail self-checkout kiosks, the digitisation of our client onboarding process, expansion of our ABM footprint, and incremental bandwidth upgrades,” said Jabar Singh, President and chief executive officer, Scotiabank Colpatria (Colombia), the head of Scotiabank Caribbean and Central America.
“The bank also plans to expand its client coverage and business portfolio in Guyana. This includes enhancements to Global Transaction Banking (GTB) products and services, and Global Banking and Markets (GBM) services such as investment banking, cash management, and trade finance,” Singh said, reinforcing the bank’s commitment to growing its business in Guyana under the new legal structure.
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