7 News Belize

We Say Downsizing, Scotibank’s Shaw Says Right-Sizing
posted (July 6, 2017)
And while we had Shaw, we got a chance to ask him about what we understood to be downsizing at Scotiabank - where over a dozen senior staffers have moved on. We heard that it was as many as 18, and he agreed that many had moved on - but didn't want to characterize it as a downsizing:...

Michael Shaw, Managing Director - Scotiabank Belize
"Let us set the record straight, it is neither 17 nor 18. The truth is that only to date, only 8 of those persons displaced and they still have an opportunity to find an employment with us because they haven't truly left our system yet, so as soon as opportunities comes up they have first preference in applying for those jobs so we have not lost 17 or 18 persons. Part of this exercise..."

Jules Vasquez
"But you have transitioned that amount?"

Michael Shaw, Managing Director - Scotiabank Belize
"Right, so part of this exercise is to...what we have done is consolidation. We have to make the system a lot more efficient let me just go on record, the most important thing is to protect the franchise in Belize. All businesses go through this transition of ensuring that those businesses run efficiently for the good of all. So we went through this consolidation exercise with some of our back office processes which can be done easier, smarter, cheaper elsewhere, we have gone through that exercises and consolidate those positions."

Jules Vasquez
"You have already lost one international bank and they started by downsizing and people feel that though Scotia are very profitable in Belize, unlike First Caribbean, is the most profitable bank on the balance sheet. People would say, Scotia is downsizing. Is it an indication of anything?"

Michael Shaw, Managing Director - Scotiabank Belize
"Absolutely not, I would say when are not downsize we are rightsizing. So Scotia Bank is not moving out of Belize. We are making sure that we are more efficient to stay here. Next year we are going to celebrate 50 years here."

Scotianbank is the most profitable bank in Belize.

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