In a statement on Tuesday, Scotiabank Jamaica has announced the permanent closure of two branches and the transition of six other branches to its digital model effective next year.
The island’s second largest commercial bank said the branches in Black River, St. Elizabeth and Old Harbour, St. Catherine will be consolidated into the Santa Cruz and May Pen branches, respectively. The Black River branch will close in February 2021, with Old Harbour to follow in April 2021.
These six branches: Christiana, Falmouth, Portmore, Port Antonio, Port Maria and St. Ann’s Bay will move to the institution’s digital operating model from January.
Scotia Group Jamaica President and CEO David Noel said the changes are in keeping with customer changes accelerated since the onset of the novel coronavirus pandemic.
Noel described the decision to close the two branches as difficult. He said the “changes are necessary for the long-term success of the organisation”.
The institution revealed that it has started discussions with the union representing its employees about potential job losses with the impending closures.
“We have begun the consultation process with the Bustamante Industrial Trade Union, which represents a number of impacted employees. In order to preserve employment, wherever possible, we will seek to find alternative roles for affected staff,” he said.
Noel said that, “Branch traffic in some locations have been reduced by as much as 50 per cent as customers continue to utilise digital banking platforms. As at September 2020, branch transactions represented less than 6 per cent of total transactions while online and mobile transactions accounted for over 30 per cent…”