Senior vice-president of Scotiatrust Bahamas Doug Stewart has denied its acquisition of MeesPierson means employees will be made to reapply for their jobs. <\/P><\/p>\n
“That definitely is not true,” Mr. Stewart told The Guardian on Wednesday. <\/P><\/p>\n
He said MeesPierson employees have been offered positions with Scotiatrust and that a number of them have responded favourably. <\/P><\/p>\n
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. <\/P><\/p>\n
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.” <\/P><\/p>\n
Mr. Stewart said Scotiatrust is global, and that its Bahamas branch is the headquarters for its offshore trust business. <\/P><\/p>\n
He said that Scotiatrust has confidence in The Bahamas’ economic and political environment. <\/P><\/p>\n
“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.” <\/P><\/p>\n
MeesPierson, the private banking division of Benelux-based Fortis, provides investment, structuring and trusts, finance and insurance services to clients worldwide. <\/P><\/p>\n
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. <\/P><\/p>\n
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. <\/P><\/p>\n
Scotiatrust boasts of more than 110 years in communities across 24 countries in the Caribbean and Central America. <\/P><\/p>\n
With more than 220 branches and more than 300 ATMs, Scotiabank is the leading bank in the Caribbean. <\/P><\/p>\n
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. <\/P><\/p>\n
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. <\/P>
\n
By Lindsay Thompson, The Nassau Guardian<\/B><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
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