Scotiabank to close Portsmouth branch

Alston said the closure is part of the bank's global restructuring
Alston said the closure is part of the bank’s global restructuring

Scotiabank has announced that it will be closing its Portsmouth sales office effective May 8th 2015.

According to a release, the closure is part of the global restructuring exercise which was announced by Scotiabank’s CEO, Brian Porter in November, 2014.

Scotiabank Country Manager, Jim Alston, visited the Portsmouth centre where he met with staff and spoke to them about the changes.

“We are conscious that the consolidation or closure of branches can have a significant impact on our customers, colleagues and communities. This decision was not taken lightly and was made with careful thought,” Alston stated.

He also stressed that in keeping with Scotiabank’s values, “staff will be treated fairly and with respect.”

He outlined the strategies which the bank will use to minimize job losses and reduce the impact on staff.

“In order to reduce the impact on our people, we will be offering most of them employment at our Roseau branch. When we are filling any vacancies in the future, we will give priority to employees who have been impacted by this initiative and who qualify for available positions,” Alston said.

The release further stated that, “the closure comes out of Scotiabank’s global review of its operating model and international distribution network. This review uncovered opportunities to streamline operations and also identified branches which were located in areas of slow growth.”

Alston noted that the restructuring took into account changing banking habits and as such Scotiabank had already invested in strengthening its electronic and self-service banking channels, including online and mobile banking and ATMs.

He said that letters are being sent out to customers who reside in the Portsmouth area to advise them of the change and how it will impact them.

“Scotiabank intends to retain an ABM in Portsmouth to accommodate the needs of customers who live and work in the area,” Alston noted. “We are focused on how we can continue to better serve our customers and provide advice and solutions tailored to meet their financial needs.”

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38 Comments

  1. Zbigniew Brzezinski
    February 7, 2015

    Canadians sued the Bank of Canada and won!

  2. The frying Pan!
    February 7, 2015

    Labor Ka Twavie! An indication that things are not as good as they seem! Wake up Dominicans.

  3. PS
    February 6, 2015

    For your information, RBC is cutting back its activities in the Caribbean also. The fact is that these banks make little money with the low interest rates that prevail on the world markets today and they have to cut costs to stay viable. Dominica is still very much a cash country and that is a factor in itself. See how often these banks have to transport physical cash to their branches for example. That is a very expensive exercise. In most developed countries they hardly use cheques anymore and most transactions are settled by debit or credit card, even relatively small purchase such as fuel at gasoline stations, whilst banking itself is carried out on the internet. The fact is that in an economy like ours traditional banking is expensive.

  4. COMBOS
    February 6, 2015

    How is our economy thriving when all the businesses in the country are closing due to slow business mr. prime minister of Dominica? this is another set of unemployed… Mr. prime minister… what are we going to do now send them to youth skills or enroll them in the employment program you have for 6 months? Mr. PM go back to the banana….. stop that economic calamity you are putting this country in and calling it development….and Dominicans we should fight for ourselves and put party on a side for now.. the pm dont have to go, labour dont have to go but their method of leading the country has to change in order to effect real development…

  5. February 6, 2015

    Hello and good morning my people. Well this isn’t good news for the north of our country but at lease our people can used the Credit Union which provides good service. Now I have two accounts with Scotia Bank, one in St Thomas and one in Dominica but when I come to Dominica I can’t access my funds in my St Thomas account even though it’s in the same banking institution. This Bank just want to make profits but provide minimal services to our citizens therefore when I come home I will close my account.

  6. playboy
    February 6, 2015

    This project was ill-conceived in the first place. Made little sense, but was done to appease a persistent former local manager who probably felt a need for validation, that something good was being done. More is yet to be learned; stay tuned.

  7. chowmien
    February 6, 2015

    Quite frankly, is time this bank give people their money and move out. All we are hearing from them is cut backs and all kinds of user fees. Before this use to be one of the best local banks, however in the last few years they have become a cesspool for excessive user fees, substandard service and a general degeneration in the quality and quantity of product.

  8. The Facts
    February 5, 2015

    Last year it was stated that Scotiabank would be laying-off staff which will affect the Caribbean. This week I heard the number is 1,500. CIBC is also laying-off staff.
    We should know what contributed to these.
    Computers and Internet have taken over including loss of jobs. It must be understood that today more and more people are conducting business over the Internet and also telephone banking. In addition, ATM’s are installed all over the place, even in stores. This is our dilemma in the world. The banks encourage it because it increases business and decreases staff. Those who utilize these convenient services must also consider that they have contributed to decrease in staff and bank closures. I bet you did not consider this. There is a price to pay for that.
    Little did people know that the advent of computers and internet would have decreased staff. Well, they are here to stay and there will be more closures and staff decrease. It is worldwide.

    • COMBOS
      February 6, 2015

      you are right too.. one thing i know it will be a long time before we see bananas and other agricultural products popping out of computers.. tell the government go back to the soil

  9. A customer
    February 5, 2015

    It seems to me that scotia bank on a whole has some issues that they are not telling us about. In st.thomas virgin Islands, there were five branches; now, they recently closed down three branches. Something have to be going wrong somewhere.

  10. February 5, 2015

    Why this man look like bloomberg so! Now take this building and turn into a nice movie theater ,nice club or a casino all this is income in the country and jobs for the unemployed.

  11. Francisco Telemaque
    February 5, 2015

    “First one was ‘Barclays’ and now Scotia.”

    The closer is an indication that the economic situation in the country is not getting any better. Every evidence indicates a downward spiral in the nation’s economy. It is imperative to note that Barclay’s Bank has been in operation in Portsmouth since I was a boy, dating back to 1958. Unless they left and returned, Barclays Bank has been operating there for approximately 57 years. One need to understand the only way a bank can operate making a profit, is by issuing loans.

    Banks do not make money on regular deposits unless, they loan the deposits out to people who must repay the principal, plus interest, the interest they collect creates their revenue. In a country where nothing is produced, there are more unemployed people than employed, there are not enough people to extend loans to thus causing the bank to operate with a profit, and so they do have to close any branch that is not profitable to operate.

  12. ATKINSON
    February 5, 2015

    Well according to MP-DR K Darroux on march 14 dominica will be using bitcoins, no need for banks and EC currency. And for the fired employees, their is that wonderful employment-jobs program called NEP. Plus with all the 4,5,6 stars hotels and villas that will be opening up in the portsmouth area,they should have no problem finding work. :mrgreen: Any news when clear harbor will start laying off

  13. The voice of god?
    February 5, 2015

    Some disappointments are a blessing in disguise. We are tired of foreign banks making all the profit and maybe it might be time for some of our rich and faithful nationals to come together and open their own bank since they are all locals and all love Dominica. Maybe people like Skero, Mano, Lawro, Crabo (the crab boy) and others should grab this opportunity and open their own bank and call it ‘The Comrado Bank’. This is just a suggestion DNO

    • FAST N FURIOUS
      February 5, 2015

      You forget Lenny man!

    • Francisco Telemaque
      February 5, 2015

      You know that is a very stupid comment you made, a foreign bank in the country is considered foreign investments, such should be encouraged, and hope that more foreign individual investors followed in their foots steps. Comments like yours is what help to keep investors away from the country.

      Who are the rich people in Dominica? The drug dealers, the corrupt individuals in government? The fellah with a rum shop, or someone with a motor vehicle parked on the street? if you believe that business in the country should be conducted exclusively by Dominicans, I can tell you; your commonsense has yet to evolve. Review any of the islands of the Caribbean, check their prosperity, and find out for yourself why all a more prosperous, and more developed than nature island. I am sure you will find that there are more foreign investors in those countries, than local! People like you always believe the world want to take Dominica from you all; The Dominican stupid mentality is what prevents…

      • The voice of god?
        February 6, 2015

        @Francis Telemaque, why are you so blind man? Can you not read between the lines? Can you not understand that I was just being sarcastic? I was just trying to emphasize how some very corrupt politicians have used their office to get wealth for themselves. So rich are they and team members that they are able to open a bank and name it bank comrade. Hope you got it now

    • The voice of god?
      February 5, 2015

      I forgot to add two big names Charlo and Regio as part of the team. It’s a well rounded team with all the key pieces in place. Skero has financial experience, Mano knows how to attract investors as confirmed by his new position as Director of the Citizen by Investment Unit. Lawro knows how to make sure things are done legally, since he is a lawyer by profession, Crabo is a Christian and will let his light shine before men and will see to it that the bank follows biblical principles, while Regio, who has experience in communication would use his skills to communicate with customers. Charlo knows the labor law and experienced president would be the CIO. All these guys are from the Portsmouth area and I believe they honestly have what it takes to replace Scotia Bank.

      • The voice of god?
        February 6, 2015

        I meant Chalo would be CEO

    • The Facts
      February 5, 2015

      What about the Credit Union? It should be regarded as a national bank. Here is an opportunity for the Credit Union to expand its business and D/cans cease doing business with foreign banks.

      • Francisco Telemaque
        February 6, 2015

        Facts, there is a difference in a bank, and a credit union! A bank is an establishment for the custody, loan exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds, and let me be specific by saying internationally.

        The credit union was first organized in 1881 as a cooperative association that makes small loans to its members at low interest rates, and I believe they are limited to the amount of money they can loan to their members; if you are not a member of a credit union it is unlikely you can get a loan from any credit union; whereas anybody who has collateral to secure the loan can obtain a loan from any bank wether they have a saving or business account in the bank or not. Let me end by saying, anybody who wish to open a bank on any of the islands of the Caribbean must have about fifty million dollars as security, to guaranty peoples money. So it is not as simply as you all think!

    • joking
      February 5, 2015

      Lol this was funny

    • Lang Mama
      February 6, 2015

      I prefer KAKARAT Bank than comrado bank wiii.

  14. Moi
    February 5, 2015

    De country nice boy!!!!

    • The Facts
      February 5, 2015

      You made me laugh. It appears this is a new word which is coined by some of you. Just great! I love it! :lol: :lol: :lol: Never give up on your country. Many of us who reside abroad have cherished memories of Dominica and still hope to return someday, for good, always if the Good Lord wills.
      I once lived comfortably in Dominica. This is why I still love D/ca and take an interest in what is occurring there. I still have relatives and friends in D/ca. We keep in touch. Only today, I told someone, accessing DNO to get current news and commenting, keep me/my heart close to home.
      A few days ago I had a telephone conversation with a friend. Both of us reside in Toronto. Times are not as good as it were in those days when we arrived here and in later years. I said to the friend, “Do you think we should ever have left Dominica?” Well, we both somewhat agreed. Even though we are living relatively comfortably here, the best we can say, the experience serves us well.

  15. $75 million worth
    February 5, 2015

    Boy that is very disturbing news for Dominica, especially for Portsmouth. In the last five years two major banks had to close down in Possie. First one was ‘Barclays’ and now Scotia. It means they are saying they don’t see a financial development in Portsmouth at present and with things expected to get worse under this administration, they better run out early. All this is happening at a time when Ross University, the heart and soul of the north is erecting new buildings. When financial institutions see any sign of development they are usually the first ones to look for business opportunity; when you see them running out they are indirectly saying “NO HOPE”. Let me hear real possie spin on this one

    • February 5, 2015

      I think you’re underestimating how much global banks make decisions based on much broader concerns than this. Besides, if you want a local institution that cares about the community, go to a credit union.

      • The Facts
        February 5, 2015

        You are correct. I expressed this about the Credit Union to someone who previously commented.

      • Francisco Telemaque
        February 6, 2015

        Steve, the greatest problem in our country is the lack of money! Ours is a very small population; however, more than half the people of the country are unemployed, the earnings of the few is not enough to support all the financial institutions on the island. Some working people do not have a bank account. If you earn about a thousand dollars per month, how much can one save out of that; when the cost of living is so high.

        How much do you pay for a beer, the last time I was in Dominica, I paid five dollars or there about for 12 oz of beer in a bottle. You pay eight dollars or more for a pound of salt fish, it all adds up, how much do you pay for a gallon of gasoline. All those people who are talking about ATM blabblabla, if it is not economical for the bank to install them what’s the point? People go into business not for a show, but to make money, it is difficult for a business to survive in Dominica; why do you believe the people who operated the tram ride closed it down? I…

    • The Facts
      February 5, 2015

      It is disappointing. Barclay’s has been in D/ca ever since I was a child residing in Dominica and probably before I was born.

  16. February 5, 2015

    Alas pa pa we can see who they are going to blame for that one even though it is clear that itvis a global issue God have mervy on Dominica

    • The Facts
      February 5, 2015

      This is true. :lol: We are waiting but he is not to blamed. This is signs of the times.

  17. be responsible
    February 5, 2015

    No Problem but at least leave the ATM. Scotia Bank only has 2 ATM locations in Dominica. Seriously our banks and credit unions need to do better than that! NBD is the only bank that has ATM in other areas apart from roseau and portsmouth ecause they recognize the importance of being able to access your money.

    • JB
      February 5, 2015

      You lie. NCCU has 3 ATMs in Roseau, 1 in Goodwill, 1in Mahaut and another one at Marigot. In addition to offences at Roseau, Pointe Michel, Mahaut, Riviere Cyrique, Vieille Case, Paix Bouche, Penville and Thibaud. They also have shared services at Portsmouth, Goodwill and Marigot

    • The Facts
      February 5, 2015

      The Credit Union will have to establish one. It most become modernized. There is a lot of future business for the Credit Union if they know how to embrace the opportunity. It may be for their own good.

    • February 6, 2015

      Hello and good morning my people. Yes our National Bank should have ATM’s in all the villages where we can access of funds. When I come home I have to go Roseau to change money which put me at risk while walking with such funds.

  18. DonK
    February 5, 2015

    Good things never seem to last. This was one banking branch where I find the customer service was of an extremely high level.

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