By Benjamin Flowers
The restructuring of more than 120 Scotiabank branches announced this week will not affect Belize branch employees or customers, the bank’s Belize Country Manager, Pat Andrews explained.
While the bank is employing cost-saving measures in Belize, such as shortening business hours in Spanish Lookout, none of the branches in the country will be closed down.
“We are encouraging customers to take advantage of our alternative delivery systems such as online banking,” Andrews said Thursday.
“In the meantime our staff continues to serve Belize, focusing on customer service and ensuring that our customers are financially better off.”
On Thursday, Scotia Bank headquarters in Canada announced plans to shut or shrink 120 branches, mostly in Mexico and the Caribbean,
In an effort to save CAN $120 million annually, the bank said it would close down 35 of its 200 branches in the Caribbean and would release 1, 500 full-time employees, including 500 from its international operations.
“In some of these (Caribbean) countries, we are just overbranched and we have to size it to the economic realities of these economies,” said Scotiabank Chief Executive Officer, Brian Porter.
Scotiabank said the closures of the Caribbean branches were due to the prolonged economic recovery and continued uncertain outlook . It said it had started restructuring initiatives in order to improve the speed and quality of service it provides to customers, to reduce costs in a sustainable manner, and to achieve greater operational efficiencies.