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Despite challenges Scotiabank expects continued growth for 2016

Jacqueline-Sharpe-1a

WITH another financial year having been completed on October 31, 2015, Scotiabank’s President and CEO Jacqueline Sharp believes that despite the challenges presented by the restructuring of the financial industry, the group will continue to grow in the upcoming year.

“It’s been a very, very challenging year, but also a very good year in terms of achievements against our strategic priorities,” Sharp said, speaking at this week’s Jamaica Observer Monday Exchange, held at the newspaper’s headquarters at Beechwood Avenue in Kingston.

Among the challenges, the Scotia Group CEO highlighted that with new regulations, such as amendments to the Banking Services Act, the financial group will now have to face increased asset tax, new capital requirements, changes to the insurance tax regime, as well as the US-backed Foreign Account Tax Compliance Act (FATCA).

Published in the Observer
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