LatinFinance - November/December 2014 - 53

BANK OF THE YEAR TRINIDAD AND
TOBAGO

Source: Banco Popular

SCOTIABANK TRINIDAD
AND TOBAGO

CONNECTED: Banco Popular is investing in
consumer products like mobile and online
banking, even as it expands its franchise in
corporate and business banking

deposits of 14% and 5%, respectively.
Increased focus on corporate needs
is not to say, however, that the bank has
forgotten about its traditional clientele.
In the retail market, Banco Popular has
found ways to strengthen its credit and
debit card products. "We were the first
bank in the country that incorporated chip
technology," Espinola says.
The bank is trying to attract new
customers by reaching out to Dominicans
who have never held a bank account.
"We, as an emerging economy, are still
lagging in terms of access to banking,"
Espinola says. One way to tackle this issue,
Banco Popular has found, is to move away
from traditional branches. It has opened
almost 100 agencies in supermarkets and
pharmacies that provide a complete set of
basic banking services, from deposits to bill
payments.
Banco Popular has also been a regional
leader in mobile technology, which it has
used with a similar purpose: financial
inclusion. One product only requires a
telephone number and has proven popular
among young Dominicans.
"In our country, telecommunications
[standards] are tremendous," he says. It is
a good place, he says, to take advantage of
mobile telephony. "That's a vision in our
strategic plan," the vice president says.
The overall environment in the
Dominican Republic, meanwhile, seems
conducive to future opportunities.
Espinola expects the country's economy
to grow by 6% to 7% in 2015, with inflation
to remain low at 4%. Tourism and exports
continue to expand, he says, and the
government is budgeting responsibly. LF

Growth in areas such as
wealth management and
mortgages have helped
bring record profits
In the words of its managing director,
Scotiabank Trinidad and Tobago has had
a "tremendous year". LatinFinance's
Bank of the Year for Trinidad and Tobago
logged record profits as it benefitted from
the nation's economic recovery, says
Anya Schnoor. "There's definitely still
opportunity to grow," she says.
The bank's solidity stands out, at first
glance, because of the trouble some of its
competitors have experienced. Moody's
downgraded state-owned First Citizens
Bank a notch this May, citing "corporate
governance concerns" after the bank's July
2013 IPO, and the subsequent resignation
ANYA SCHNOOR, SCOTIABANK T&T

"THERE'S STILL
OPPORTUNITY TO
GROW [...]. CREDIT
CARDS ARE SOMETHING WE SPEND A
LOT OF TIME ON"
of the chairwoman and several board
members. Meanwhile, Republic Bank, also
state-owned, ran into a legal challenge to
its increase of a stake in an African lender,
HFC Bank Ghana.
That's not to say, however, that
Scotiabank doesn't deserve to be
recognized on its own merits. It prides itself
on its close ties to the local community in
Trinidad and Tobago, Schnoor says, where
it has been in business for 60 years. This
year, the Canadian bank also celebrated 125
years of operations in the Caribbean.
Beyond its longevity, Scotiabank
Trinidad and Tobago proves its solidity in
numbers. The bank logged a profit of 561
million Trinidad and Tobago dollars ($90
million) in its 2013 annual report. And

in the 12 months to the end of July, the
bank grew loans and deposits by 9%, and
increased equity by 6.3%.
The bank is increasingly focused
on the mortgage market as the
opportunity of the day, Schnoor says.
Improved fundamentals have lowered
unemployment and raised incomes,
helping expand the pool of potential
homebuyers.
Expanding consumer credit is also
crucial, Schnoor says. "Credit cards are
something we spend a lot of time on," she
says. And the managing director is proud
of the safeguards Scotiabank has taken
to steer away from risky loans. Ensuring
excellent credit quality has "really been
the hallmark of the bank here in Trinidad",
she says.
Taking care of its core business has not
kept the bank from venturing into new
projects, however. The bank has found
success with its life insurance policies and
today is the third-largest insurer in the
country, Schnoor says. "We see that as an
area of growth," she says.
Expanding its wealth-management
offering is another area of focus. In this
area, again, Scotiabank stands out as
a leader in Trinidad and Tobago. Its
customers benefitted from two additional
mutual funds introduced this year,
including the first such fund denominated
in Trinidad and Tobago dollars.
After years of sluggish economic growth
in Trinidad and Tobago, Schnoor says she
is optimistic. The managing director says
her bank's estimates put the country's
GDP growth at about 2.6% next year, based
on oil-price estimates of $80 per barrel.
"That can only help us," she says. LF

BANK OF THE YEAR JAMAICA

NATIONAL COMMERCIAL
BANK JAMAICA

Jamaica's biggest bank
bounced back from the
volatility of a sovereign
debt restructuring, and is
even expanding regionally
Growth marked the year for the winner of
the LatinFinance Bank of the Year Jamaica
award. Its net profit was up 11% from mid-

November/December 2014 - L ATINFINA NCE.COM 53
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