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Scotiabank to close branches in Caribbean, Mexico

Last Updated on Thursday, 6 November 2014, 22:09 by GxMedia

San Juan, Nov 6 (EFE).- Canada-based Scotiabank foresees the closure of 120 branches, principally in the Caribbean and Mexico, in a move to “reduce structural costs,” a spokesperson told Efe Thursday.

Scotiabank’s Public & Corporate Affairs officer, Sheena Findlay, said the bank has been working in recent years to build up its market position “through organic growth and selective acquisitions.”

“This growth has served Scotiabank well, but has also created some overlap and duplication of services throughout our footprint,” Findlay said, referring to planned branch closures in the Caribbean.

She did not specify which branches will close, nor how many jobs will be affected.

Scotiabank plans to eliminate around 1,500 jobs overall, according to The Wall Street Journal.

“Because of our continued efforts to place people, this will take some time and therefore we do not have detailed information on local impacts at this time,” Findlay said.