Scotiabank reported that the Dominican Republic will be its regional hub and the headquarters from which it will strengthen its leadership, capabilities and execution in the Caribbean, Central America and Colombia, during an event attended by President Luis Abinader.
The announcement was made by Jabar Singh, executive president of Scotiabank for the Dominican Republic and the Caribbean, at an event held at the Real Intercontinental Hotel in Santo Domingo, which was also attended by government authorities, representatives of the business sector and members of the diplomatic corps.
“The decision strengthens the strategic position of the Dominican Republic within the Group’s international vision and reaffirms Scotiabank’s long-term commitment to the country, from where it will continue to promote regional capabilities, investment and talent,” the institution explained.
The announcement is based on a presence of more than a century in the Dominican Republic by the banking entity.
“Since 1920, Scotiabank has accompanied the economic and social development of the country where today it brings together more than 5,000 collaborators in the Dominican market, reflecting its scale, talent and capabilities installed in the country,” he indicated.
According to the institution, this decision responds to a strategic vision that recognizes the macroeconomic stability, the business climate, the growing international integration and the growth potential of the Dominican Republic, attributes that today consolidate the country as a relevant platform for regional development.
“Long-term investment decisions do not occur by chance. They occur when a country manages to build macroeconomic stability, strengthen its institutions and boost its competitiveness. Today, the Dominican Republic projects precisely that to the world,” said Singh.
Abinader: DR in a trusted destination
President Luis Abinader stated at the event that the investment climate continues to improve in the Dominican Republic due to the public policies implemented during his administration.
“The Dominican Republic has become a trusted destination to invest, grow and project the well-being of a country. For all the years we have worked on development. The development of a country is based on strong institutions, stability and credibility, which is why we have exercised management focused on macroeconomic stability, institutional strengthening, transparency and legal security,” exclaimed the head of state.
Abinader appreciated that the financial entity’s decision positions the country as a regional center of operations, talent and high value-added services for the region.
“For us, this is not a minor decision. It is a long-term commitment that positions our country as a regional center of operations, talent and services,” he indicated.
The president highlighted that Scotiabank has had a presence in the Dominican Republic for more than a century and assured that the expansion of its operations constitutes a sign of confidence in the future of the country.
“When someone stays for more than 100 years and decides to increase their support, what they are saying is that they believe in the present, but above all they believe in the future,” he said.
Bank contributions
To date, Scotiabank has invested capital in excess of 650 million Canadian dollars in the country, of which approximately a third has been in the last five years, and for the next five years it plans to invest even greater capital, with a priority focus on the Dominican Republic.
“More than a century ago we made the decision to bet on this country. And today, seeing the direction the nation is taking, we are convinced of something: the best era of the Dominican Republic… has yet to be written. And Scotiabank wants to be part of it,” said Singh.
With the support of The Bank of Nova Scotia, Scotiabank Dominican Republic highlighted that it will continue to strengthen its value proposition in the country and its ability to articulate an increasingly integrated operation for the benefit of its clients throughout the Caribbean region.
