Scotiabank's Carmichael branch 'beachhead for small business'

Fri, Jan 18th 2013, 11:45 AM

The $1.3 million Scotiabank branch on Carmichael Road will feature a special Small Business Department to assist customers in one of the fastest growing areas in the country. Prime Minister Perry Christie and Central Bank Governor Wendy Craigg were on hand for the branch's official grand opening Wednesday night. While it might be the bank's 20th branch opened in The Bahamas, Scotiabank's presence on Carmichael Road is seen as an important move into a thriving section of the capital.

Kevin Teslyk, the managing director of Scotiabank (Bahamas) Limited, told Guardian Business that the bank will be "an important beachhead for small business". "It is no secret that Carmichael is the fastest growing community in The Bahamas, not just from a residential perspective, but also commercially," he said. "We see plenty of opportunities to support our existing clients and grow to help small business."The branch has resulted in 10 full-time jobs for Bahamians. A few other existing employees have moved over to assist the new site, including two specialists in small business.

Teslyk admitted that small business is, by comparison, a relatively small segment. Corporate commercial and retail segments represent a far larger piece of the pie. "But we expect to grow small business. We expect to grow lending opportunities. It is never going to be the size and scale of retail business, for example. It is an important area, however," according to the managing director. The Carmichael facility anticipates more hirings in the future as demand picks up.The bank is now seeking other branch opportunities in eastern New Providence, although Teslyk said that the bank wouldn't break ground on any site until 2014.

In the meantime, Scotiabank (Bahamas) plans to create a "new international branch format" in all of its facilities in The Bahamas. The Carmichael Road and Cable Beach branches reflect this new look and feel, and beginning with flagship properties in Nassau and Grand Bahama, the bank will invest considerably in these transformations. "Indeed, we have every intention to continue investing in The Bahamas, together with the opening of this beautiful new $1.3 million dollar facility," Teslyk said at the opening. "Scotiabank's capital expenditures in The Bahamas totaled $7.8 million dollars this past year, and there is more we have planned on the horizon."The new branch on Carmichael features extended opening hours and boasts three ATMs.

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