Sco­tia Group adds deputy boss

Jamaica Gleaner - - FINANCIAL GLEANER - busi­ness@glean­erjm.com

SCO­TIA GROUP Ja­maica Lim­ited has re­vived the po­si­tion of deputy CEO and has picked a 15-year vet­eran to fill it, in what sources say is the most high-pro­file sign of changes un­der way at the 127-year-old bank­ing group.

David Noel be­comes the chief lieu­tenant of pres­i­dent and CEO Jac­que­line Sharp, and re­ports di­rectly to her.

His ap­point­ment ef­fec­tively re­shapes the man­age­ment struc­ture as Noel will have di­rect over­sight of main busi­ness units, mak­ing the heads of those oper­a­tions an­swer­able to him.

“In view of my ex­panded re­gional re­spon­si­bil­i­ties, in­creas­ing com­plex­ity of the fi­nan­cial ser­vices in­dus­try in Ja­maica, and our dig­i­tal trans­for­ma­tion strat­egy, I am very pleased to an­nounce David’s ap­point­ment to the ex­ec­u­tive team in Ja­maica,” said Sharp in a press state­ment on Wed­nes­day.

Sharp her­self was re­cently handed an ex­panded port­fo­lio when she was ap­pointed head of the Caribbean Cen­tral and North re­gions by Sco­tia’s Cana­dian par­ent.

She did not re­spond to ver­bal and writ­ten re­quests for com­ment up to press time.

The po­si­tion of deputy CEO is not new. In fact, Minna Is­rael, who, a decade ago, had been widely ex­pected to be­come the first fe­male pres­i­dent of the bank, was among those who once held the ti­tle. Is­rael even­tu­ally be­came CEO, but of the Sco­tia­bank Ba­hamas oper­a­tions, in 2005, and later ended up run­ning a ri­val bank­ing out­fit in Ja­maica. Sharp even­tu­ally be­came the first fe­male head of Sco­tia Group in 2013.

The deputy post is be­ing re­vived as Sco­tia Group grows in size. The bank­ing group is near­ing a half tril­lion dol­lars in to­tal as­sets, amid an ag­gres­sive push to grow its loan book.

Asked about the ne­ces­sity of the deputy post, Sco­tia Group Chair­man Jeffrey Hall said on Thurs­day that Noel’s ap­point­ment fills a po­si­tion that pre­vi­ously ex­isted, and has be­come nec­es­sary again with Sharp’s ex­panded role.

“With the range of strate­gic op­por­tu­ni­ties for the bank in Ja­maica, David’s in­ter­na­tional bank­ing ex­pe­ri­ence makes him a strong ad­di­tion to Jackie’s team,” said Hall.

Noel be­gan work­ing at Sco­tia­bank in 2001 as le­gal coun­sel. Seven years later, he was sec­onded to Toronto – in line with Sco­tia­bank Canada’s usual prac­tice of ex­pos­ing lo­cal ex­ec­u­tives to the work­ings of the in­ter­na­tional bank­ing oper­a­tions. Such per­sons are typ­i­cally viewed as po­ten­tial can­di­dates for top pro­mo­tions.

In Canada, Noel spent two years in Toronto, then was tapped in 2010 as dis­trict vi­cepres­i­dent for East New Brunswick and Prince Ed­ward Is­land. In 2012, he re­joined Toronto as a mem­ber of the global risk man­age­ment team.

He has been man­ag­ing di­rec­tor in charge of Caribbean East from Novem­ber 2013 to present.

His new job to be ex­e­cuted from Sco­tia­bank Cen­tre on the Kingston wa­ter­front puts him in charge of re­tail and com­mer­cial bank­ing, life in­surance, in­vest­ment man­age­ment and bro­ker­age, mi­crofi­nance, and mort­gages. Those busi­nesses fall un­der sub­sidiaries such as Sco­tia In­surance Ja­maica Lim­ited, Sco­tia In­vest­ments Ja­maica Lim­ited, and Sco­tia Build­ing So­ci­ety, whose bosses will now be an­swer­able to Noel.

“David brings a wealth of ex­pe­ri­ence to the team and will help ac­cel­er­ate the ex­e­cu­tion of sev­eral strate­gic ini­tia­tives to con­tinue to meet the evolv­ing needs of our cus­tomers, and sup­port our evo­lu­tion to be­come a dig­i­tal bank­ing leader in Ja­maica,” Sharp said.

Sco­tia Group is Ja­maica’s No. 2 com­mer­cial bank­ing group with as­sets es­ti­mated at $472 bil­lion over the sum­mer. Its loan port­fo­lio was valued at $164 bil­lion. The group is soon to re­lease an­nual re­sults for fi­nan­cial year end­ing Oc­to­ber 2016, which seem set to out­pace its 2015 per­for­mance. So far, at the nine-month mark, Sco­tia Group grew profit from $6.2 bil­lion to $8.4 bil­lion.

David Noel, newly ap­pointed as Deputy CEO of Sco­tia Group Ja­maica Lim­ited.

Sco­tia Group Pres­i­dent & CEO Jac­que­line Sharp

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