Twice in eight years
Scotiabank boss Kevin?Teslyk says his institution has only increased its service fees twice in the last eight years.
Teslyk was responding to suggestions that commercial banks were hiking fees to unreasonable levels.
However, the managing director of Scotiabank Caribbean East told the DAILY?NATION that Scotiabank increased its service fees in 2003 and 2005.“In terms of profit margins our profit margins on loans and service fees are not out of line with what you see in comparable markets.
You can’t draw a comparison with the United States market or the Canadian market and Barbados because the risks are very different.
“The size of the market is also very different but for comparable markets they are not out of line. Barbados is a very competitive market place,” the banker contended.
He said too that local consumers had “a great deal of choice, influence and control over the rates and fees that they pay because there is access and sufficient choice out there”.
Teslyk also revealed that Scotiabank was extending its network of branches in Barbados with a new facility in St Philip.
According to him expansion of the branch network and the delivery of several new services were all areas of development to which revenue from bank fees were directed.
While not providing details on the new facility, Teslyk said it would be a new construction and funds were already budgeted for the new branch.
The Scotiabank boss said the facility would have extended hours and would be open on Saturdays.