“As somebody said to me today, who called me, a very prominent businessperson, who said to me that it is extremely unusual to have a CEO for almost 20 years in a publicly-traded company, so that in and of itself speaks for itself.”

“The fact is that sometimes we get to a point where different stakeholders may have different points of view on the direction in which a company should go, or how things should be managed or evolved, and that’s fine. And if there is a difference and you can’t come to a resolution around it, then separation is part of the resolution. We understand that. That’s part of the game. That’s part of the business that we are involved in,” Hylton told the Business Observer.

Hylton spent 20 years as the head of the NCB Group, while Cohen spent just over 19 years. Both were acknowledged for their service by the bank in a statement in which it was confirmed that they are to be replaced.

“We have demonstrated over many years a true owners’ mentality in terms of how we have managed the business. We have treated the business as if it was our own — early mornings, late nights, vacation, no vacation — it was always about the business.

It Has Been A Tremendous Experience Which I And Cohen Enjoyed.

The business is strong, the business is in good hands. I feel a tremendous sense of accomplishment. When we went into NCB, this was an institution that had just failed, had just been rescued, and was in the process of just being rebuilt. It was an institution in which many did not have the confidence, many did not think it had the wherewithal to become a true icon. But this institution is now not just a Jamaican icon, it is a regional icon. It has accomplished tremendous things over this period of time. Not only in terms of the bottom line performance, which has really been outstanding, with up to last year earning nearly $40 billion after taxes. But also in terms of the growth of the business across the region, moving from two or three countries to now being represented in 22 countries across the region, to have representation in Europe. I have a tremendous sense of accomplishment,”

Patrick Hylton in an interview with the Business Observer.

Coming out of Jamaica’s financial sector meltdown, there were not many takers for assets such as NCB, Hylton said. After negotiating for more than a year, he met alone with Lee-Chin and made a proposal that may have sealed the deal.

“’Michael, I am not here to sell you a bank. I am here to sell you a vision of a bank. I am not here to sell you this bank for what it is today. I am here to sell you this bank for what it can be in the future’,”

Hylton recalled telling the billionaire Canadian-Jamaican businessman.

“History suggests that it will take some time before companies get more value from their investments. In 1987, economist Robert Solow observed that “you can see the computer age everywhere but in the productivity statistics.” U.S. productivity didn’t accelerate until the 1990s, by which time companies had started to figure out how to harness computers. Today, companies might be experiencing something like a second “Solow Paradox” as they try to make sense of a new generation of digital technology, according to Olivia White, senior partner with McKinsey Global Institute.

It is up to CEOs to move this process forward. Productive use of technology might be regarded as a whole-of-company effort, to borrow the “whole-of-government” concept from the public sector, in which every available lever is applied to a large-scale problem. Throughout history, the entire company has been rewired with each successive generation of emerging technology, from the telegraph and telephone, through the internet, the mobile phone, and now the cloud and artificial intelligence. In a hierarchical organization with one leader at the top, only the chief has the authority and influence to drive sufficient and sustainable change.”

By Steven Rosenbush

“Despite inflationary pressures impacting our expense profile, I am pleased with the
Group’s core performance. Operational revenue continues to improve, with Net Interest Income improving by 16% year over year and 4% over the last quarter. Retail and Commercial loans collectively grew by $1.5 billion or 9%, demonstrating the strength of our business lines, the confidence that our customers continue to place in us and our commitment to our market.

Our award-winning digital transformation continues to strengthen our customer relationships through new tools and advancements that help them conduct their business faster, easier and more securely. We are pleased to announce, in respect of our Scotia Access customers, the launch of new tools, offering dedicated support at the touch of a button through the Scotia App. We are first to the local market with this digital functionality, enabling our Scotia Access customers to have instant messaging, voice and video calling with their designated advisors within our secured
banking platform.

Our customers continue to embrace our digital platforms with a record digital adoption of 51.7%, and digital transactions stood at 2.4 million, an increase of 20% year over year.

“We See Ourselves As An Important Part Of The Economic And Social Fabric Of The Communities In Which We Operate…”

We see ourselves as an important part of the economic and social fabric of the communities in which we operate and we take our responsibility seriously. As part of our Environmental, Social and Governance (ESG) strategy, our aim is to help educate the public and our employees on some of the most pressing environmental issues we face and raise awareness of the opportunities that exist in our day-to-day lives to make more sustainable choices.

As part of our commitment for Earth Day 2023, Scotiabank, together with our partners and our employees, led seedling distribution drives in local communities, making a positive contribution to food sustainability and carbon capture.

In closing, I would like to thank our team for their continued support and contribution during the last quarter. Your dedication and commitment are the foundation of the continued success of our Bank.

Managing Director of Scotiabank Trinidad and Tobago Limited, Gayle Pazos commenting on the results for the six months ended 30 April 2023.

Scotiabank Trinidad And Tobago Focused On Attracting Core Deposits From Customers, As It Continues To Provide Steady Source Of Funding For Credit Expansion.