ScotiaBank Bahamas confirms new Managing Director for Turks and Caicos, says banking as usual

Providenciales, Turks and Caicos, March 1, 2018 – It is true that Sean Braithwaite, who joined Scotiabank Turks and Caicos as its Managing Director in early 2015 is no longer with the company, ending a 37 year career with the bank.

ScotiaBank tonight responded to our media request for clarification and understanding of what is going on at the bank, which has three branches in the Turks and Caicos Islands.

While the details of why Mr. Braithwaite and others have now found themselves out of the door at ScotiaBank, remained unexplained, The Bahamas office responded with this, “Scotiabank has been operating in The Turks and Caicos Islands (TCI) since 1982, and we remain committed to our TCI customers, employees and local community. Sean Brathwaite has been with Scotiabank since 1981 and we are appreciative of his contributions during his tenure.”

Former Managing Director ScotiaBank Turks and Caicos

It is however more clear that the departure of Mr. Braithwaite, who originates from The Bahamas, is sudden.  Sean Braithwaite, at this hour, is still listed as the Managing Director on the bank’s website.

Still, there is concern about the employee upheaval.  At least one report reaching Magnetic Media said the now former Managing Director, Sean Braithwaite quit the job. It was also said that others were in ‘hot water’ for lack of oversight when standard banking procedures were not followed, leading to reportedly ‘missing monies.’

Names of as many as five individuals caught up in the fiasco are called as either being terminated or having resigned the bank.  An emergency team was dispatched to the Turks and Caicos to fill the roles and maintain banking operations.

ScotiaBank’s office in The Bahamas did have well wishes for the former Managing Director, an employee of nearly 40 years, adding that they are “working expeditiously to identify a suitable candidate for the Managing Director role.”

Also critical to customers of Scotiabank is its stability. 

Nakera S. Symonette, Senior Manager, Marketing & Public Relations, Caribbean North issued the statement on Thursday night to Magnetic Media which assured, “Scotiabank is committed to good governance and providing a safe and secure operation for our customers.  Operations in all branches continue as usual.”

The Turks and Caicos Financial Services Commission earlier today confirmed to Magnetic Media that it is aware of the matter and are monitoring the situation closely.