When the board of the Bank of Nova Scotia Jamaica Ltd named Canadian Bruce Bowen who at the time was serving as president and CEO of Scotiabank Puerto Rico, as the bank’s new president and CEO it ended weeks of speculation following the shock announcement that William ‘Bill’ Clarke would retire after 40 years with the institution. There are those who will argue that much of the success that Bruce and Scotiabank are now experiencing is part of the legacy and work of Bill Clarke.

Robert Pitfield, chairman of the Board of Scotiabank Jamaica in published reports on the appointment said, “Together with the board and the strong Scotiabank Jamaica management team, I know that Bruce will continue to build on Scotiabank’s tradition of strong leadership and commitment to customers, employees and the Jamaican market. Mr Bowen has been a key contributor to our success in the Caribbean and we look forward to having him rejoin the Scotiabank Jamaica team.”

Pitfield also lauded the outgoing CEO for his contributions to the organisation. “Bill has done a tremendous job for Scotiabank, playing a key role in our success,” he said. “The board very much appreciates his contribution, and I know that I speak for all Scotiabankers in wishing him all the best in his retirement.”

Clarke announced his plans to retire nearly two weeks ago after serving four decades with the international financial institution. His retirement comes four years earlier than expected and amid conflicting reports that he had been asked to leave.

Financial analyst, Errol Gregory, was quoted at the time of the announcemnt of Bowen appointment that he did not know Bowen, but although Clarke would no longer be at the helm of Scotiabank, he was confident the bank would be able to maintain its position as the leading financial institution locally.

“There certainly is an extent to which there is no denying Clarke’s exceptional dynamism. He spearheaded many successful initiatives as head of Scotiabank,” Gregory said.

He, however, argued that Scotiabank’s established systems have contributed to its track record of success. Gregory said, over the years, the bank has been able to market itself as a safe and sound financial institution that Jamaicans could trust. This tradition, he said, would continue.

2008 was a challenging one, and notwithstanding the catastrophe of the global financial crisis during the year, Scotia Group Jamaica through its conservative and prudent management was able to record Net Profits of JA$9.3 billion, and EPS of $3.02 for the financial year.

Net Assets of the Bank has grown to $280.3 billion, and the Group boasts $37.9 billion in shareholders’ equity. Scotiabank went the extra mile to keep shareholders happy by declaring a quarterly dividend to shareholders. For the 2008 financial year, $3.02 per share was paid out to shareholders, making it a 43.07% payout ratio in dividends. BM