Business Trinidad & Tobago 2013

The cost of processing compares favourably to countries such as Canada, USA and Barbados – Scotiabank T&T Ltd. Scotiabank’s Caribbean South Hub Scotiabank is consolidating its financial services processing throughout the Caribbean, in Trinidad, with the creation of a shared services hub to satisfy local and regional operations.

In a statement to Business Trinidad & Tobago in March 2013, the bank said the Caribbean South Hub, located in Chaguanas, was a concept that began in 2009 and presently supports operations for Scotiabank in 11 English-speaking countries in the Caribbean.

The Hub provides support functions, accounting controls and other operational services for the Scotiabank network in the Eastern Caribbean, inclusive of Trinidad and Tobago. Support includes the processing of payments, loan adjudication and fulfillment, operational advice, database management, human resource management support, reconciliations, collections from delinquent customers and the roll out of operational projects.

Scotia said that, where possible, the hub would also take over aspects relating to Insurance as well.

The bank embarked upon the expansion of the hub in Trinidad due to favourable Government policies that were the necessary catalysts for investment, it said, adding: “The existence of a telecommunications network with the capacity to support cross border operations is also a great benefit to the establishment of the hub, but the most important factor is the availability of a diverse and skilled workforce and a favorable rate of exchange. The cost of processing compares favourably to countries such as Canada, USA and Barbados.”

While the cost of operations in the Dominican Republic is highly competitive “within the Eastern Caribbean, and particularly with English as the common language, Trinidad and Tobago is the preferred location,” the bank said.

The Hub would bring numerous new opportunities as it evolves, both economically and socially, Scotia said: “It creates employment and increases the overall productive and wealth capacity in the country. It also provides for the development of the human resource skills in the country thereby providing more capable managers and more skilled employees that will redound to the development of local talent.”