San Juan and Cunupia Branches Set to Close by February 2025
Scotiabank Trinidad and Tobago has announced the closure of its San Juan and Cunupia branches, effective February 2025. These closures mark the fifth branch or service center closure in the past four years as the bank shifts its focus towards digital banking solutions.
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San Juan customers will now be directed to the Tunapuna branch, while those in Cunupia will need to visit the Chaguanas branch for in-branch services. The Cunupia branch previously served customers from the Cunupia Sales Centre, which closed in March 2022.
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Branch Closures Over the Years
The latest closures follow a series of branch consolidations:
- March 2022: Closure of Cipero and Rushworth Streets branch in San Fernando, customers redirected to the High Street branch.
- April 2022: Closure of Park and Pembroke Streets branch, operations moved to Independence Square, Port of Spain.
Scotiabank has not disclosed how many employees will be affected by these closures.
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Digital Transformation Drives Change
Scotiabank’s Managing Director, Gayle Pazos, emphasized that the closures align with the bank’s digital transformation strategy, which focuses on enhancing operational efficiency and adapting to evolving customer preferences.
“We have observed a significant decrease in the number of transactions conducted within our branches, as more customers opt for digital solutions for their everyday banking needs,” Pazos stated.
To address these trends, the bank has committed to optimizing resources and delivering services through its digital platforms, ATMs, and remaining branches.
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Commitment to Growth and Innovation
Pazos highlighted that Scotiabank’s ongoing efforts to digitize its services have been recognized with several prestigious awards:
- Best Consumer Digital Bank (fourth consecutive year)
- Best Mobile Banking App
The bank’s 2023 annual report revealed impressive statistics on digital adoption:
- 72% of customers enrolled in digital platforms.
- 54% digital adoption rate, with 36% of sales conducted digitally.
- 97% of transactions completed without staff intervention.
Pazos expressed gratitude to employees for their contributions and reassured customers that Scotiabank will continue to lead in providing innovative banking solutions.
Financial Performance and Operational Updates
For the fiscal year ending October 31, 2024, Scotiabank T&T reported:
- After-tax profit: $658 million (a $3 million increase from 2023).
- Revenue: $1.9 billion, driven by an 8% rise in loan interest and a 33% increase in investment securities interest.
- Expenses: $839 million, reflecting inflation and investments in digital infrastructure.
Pazos noted that operational efficiency remains a top priority, with Scotiabank’s productivity ratio of 43% being the lowest in the local banking sector.
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Recognition as Bank of the Year 2024
Scotiabank was named Trinidad and Tobago’s Bank of the Year 2024 by The Banker Magazine, a Financial Times publication. This accolade, along with awards from Euromoney and Global Finance, underscores the bank’s commitment to growth, technology investment, and community impact.
Moving Forward: A Digital-First Future
As Scotiabank continues to adapt to the digital era, customers can expect enhanced online platforms and mobile banking services. With 97% of transactions already digital, the bank aims to maintain its leadership in convenient and secure banking experiences.
While the closure of branches may inconvenience some, Scotiabank assures clients that these changes are part of a broader vision to deliver seamless banking solutions for the future.
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