Saturday, Jul 20, 2019
HomeBusiness$1M Scotiabank planned for Carmichael

$1M Scotiabank planned for Carmichael

Residents in southwest New Providence will have another retail banking option next year. Scotiabank (Bahamas) Limited has confirmed a $1 million construction project about to get underway in the up-and-coming area.

The bank’s managing director, Kevin Teslyk, told media the new branch would be positioned in the Carmichael Road area – among the fastest growing residential communities in The Bahamas.  He estimated the new branch would swing its doors open to customers in the last quarter of 2012.

“We are very optimistic that the proverbial shovel is in the ground this month,” Teslyk said.  “[We’re looking at] June/July in terms of construction being complete, knock wood, and then we will have the branch open come October/November of next year is our broad plan.”

The new branch is expected to generate ten new jobs, although Teslyk said the

company will source positions for the new branch internally. Replacements for staff that come on from other branches would have to be made as well.

He added that due to the future branch’s location, Saturday banking is likely.

It’s one of a number of changes to Scotiabank’s retail presence in upcoming years, including a physical presence in eastern New Providence, likely in the Prince Charles Drive vicinity, according to Teslyk, who added the exact business model best for that location has not been concluded yet.

Scotia is also engaged in an ongoing project to maximize use of the bank’s largest retail operation – it’s Freeport, Grand Bahama branch.

Teslyk explained that Freeport’s branch was the largest in The Bahamas as measured by the number of customers and number of transactions.  Its business portfolio was smaller than the main branch’s as corporate, commercial and offshore activities are centralized there, he explained.

For now, Freeport was a priority, but of a different order than tapping into certain New Providence markets where the company has long identified it needed a presence, according to Teslyk.  He said there were two specialists in Grand Bahama working on maximizing utilization of available space there.

“The internal design and layout of the branch isn’t as efficiently laid out as it could be,” Teslyk said of the Freeport branch.  “We’ve got some excess space, some wasted space that we want to make some changes to for the benefit of our customers and the whole client experience.”

Still, within two-to-three years, Grand Bahama customers could see a new traditional branch servicing Freeport and surrounding areas too, according to Teslyk.

Grand Bahama clients can also expect to see more non-traditional access to Scotiabank’s banking services, including more automated teller machines (ATMs) to give greater flexibility at varied banking points away from the branch.

“The world of banking has evolved globally such that a bank branch is no longer this many square feet with this many employees,” Teslyk said.

“There are opportunities to have boutique operations or in-business opportunities … there are different opportunities that I think exist for us to take a look at which would be the way for us to reach customers but would also be cost effective and cost efficient.”

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