Scotiabank will merge several of its family island operations into its New Providence branch over the next four months.
Islands affected by the closure
Customers’ accounts will be transferred to branches in New Providence. Following the closures, the bank will still have 9 branches across the islands, and over 70 automated banking machines, a number that is expected to increase in the coming months.
- Long Island
- Paradise Island
Why is Scotiabank making these changes?
The bank says there are significant shifts in customer behavior and transaction volumes over the past few years which have accelerated since the onset of the COVID-19 pandemic. Branch traffic in some locations has been reduced by as much as 50% as customers continue to use digital banking platforms.
What Scotiabank says
Roger Archer, Managing Director of Scotiabank Bahamas commented “While we have made the difficult decision to consolidate a number of our retail operations, these changes are necessary for our long-term viability and success as a business. We will make every effort during this process, to minimize customer impact, and preserve the employment of affected staff through redeployment, where possible”.
Featured image: NSBanking