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By VERNON CLEMENT JONES, Senior Business Reporter, [email protected]
Minna Israel is not only preparing to step down from her post as managing director at Scotiabank Bahamas but has, in fact, resigned from the bank altogether to head rival RBTT in Jamaica, Guardian Business has learned.
That latter institution is, of course, well on its way to being fully acquired by banking titan RBC, with Israel expected to assume the managing directorship for its Jamaican unit on January 21.
The shift means the banking veteran leaves the institution she's called home for the last 16 1/2 years. The last three years of that adventure have been here in The Bahamas.
No replacement has yet been named for the position Israel will vacate by the end of the week, although an interim succession plan will be firmly in place by today's close of business.
"Yes, it is true," said Israel Wednesday. "Yes, I'm leaving.
"This decision was the most difficult one I have had to make in my life, but with the end of this assignment it was really the most appropriate time to do so.
Scotiabank is really a great place."
Israel came to The Bahamas in 2004 directly from her native Jamaica, having served as Scotiabank's number two in that country. She now returns home.
"The opportunity to lead the Scotiabank team in The Bahamas has really been an outstanding opportunity for me," she told Guardian Business in an exclusive interview Wednesday. "Still, I'm really excited about the new opportunity.
It's one that was presented to her, in part, because of her strong performance at Scotia.
Scotiabank's departing managing director is largely credited with not only raising the operation's bottom line but with creation of a small business unit and adoption of strong customer service culture.
She also led the bank in financing major resort projects like Baha Mar, the $2.3-billion resort project for Cable Beach and slated to be the biggest the country as ever seen.
"For 2007, we Scotiabank Bahamas have been a very strong contributor to the Group's profitability," said Minna Israel earlier this month, crediting her staff.
It's a Herculean feat for a banking operation much smaller than Scotiabank's Jamaican and Trinidadian units, and speaks to the promise of resort development projects slated to come on stream.
Building on that legacy will fall squarely on the shoulders of Israel's replacement.
Her exit, stage right, has fuelled speculation as whether a Bahamian will now step into the spotlight.
Israel, in fact, assumed the post from Tony Allen, who held it for 16 years and was himself a native of this country.
Scotia has faced some criticism for having failed to develop a local replacement to immediately step into his shoes. That nationalist call is once again coming from members of the business community.
The bank appears to have heard them, at least in part, having advertised the position in local papers as well as internally.
"Obviously we are very sad that (Ms. Israel) going," said Scotiabank spokesperson Krista Pawley, from its Toronto headquarters. "She has been an outstanding advocate for business in the Caribbean.
"Obviously we look forward to bringing in a new managing director who, too, will meet the needs of all our stakeholders, clients and employees."
For her part, Israel is looking to leverage her own skills in Jamaica, working with the new RBC-RBTT mega-giant. That $2-billion acquisition will gain RBC a foothold in the emerging Latin American market as well as gain it reentry into Jamaica and Trinidad.
RBTT's Suresh Sookoo will head that amalgamated entity, and it was he who announced the company's latest addition yesterday.
Israel is, in fact, a former employee of RBC in Toronto.
"As I've often said the Caribbean is a great place to do business," she offered Wednesday, "and I am pleased that Ii will have the opportunity to contintue to contiribrute to the growth of a strong financial sector in the region."
Minna Israel is not only preparing to step down from her post as managing director at Scotiabank Bahamas but has, in fact, resigned from the bank altogether to head rival RBTT in Jamaica, Guardian Business has learned.
That latter institution is, of course, well on its way to being fully acquired by banking titan RBC, with Israel expected to assume the managing directorship for its Jamaican unit on January 21.
The shift means the banking veteran leaves the institution she's called home for the last 16 1/2 years. The last three years of that adventure have been here in The Bahamas.
No replacement has yet been named for the position Israel will vacate by the end of the week, although an interim succession plan will be firmly in place by today's close of business.
"Yes, it is true," said Israel Wednesday. "Yes, I'm leaving.
"This decision was the most difficult one I have had to make in my life, but with the end of this assignment it was really the most appropriate time to do so.
Scotiabank is really a great place."
Israel came to The Bahamas in 2004 directly from her native Jamaica, having served as Scotiabank's number two in that country. She now returns home.
"The opportunity to lead the Scotiabank team in The Bahamas has really been an outstanding opportunity for me," she told Guardian Business in an exclusive interview Wednesday. "Still, I'm really excited about the new opportunity.
It's one that was presented to her, in part, because of her strong performance at Scotia.
Scotiabank's departing managing director is largely credited with not only raising the operation's bottom line but with creation of a small business unit and adoption of strong customer service culture.
She also led the bank in financing major resort projects like Baha Mar, the $2.3-billion resort project for Cable Beach and slated to be the biggest the country as ever seen.
"For 2007, we Scotiabank Bahamas have been a very strong contributor to the Group's profitability," said Minna Israel earlier this month, crediting her staff.
It's a Herculean feat for a banking operation much smaller than Scotiabank's Jamaican and Trinidadian units, and speaks to the promise of resort development projects slated to come on stream.
Building on that legacy will fall squarely on the shoulders of Israel's replacement.
Her exit, stage right, has fuelled speculation as whether a Bahamian will now step into the spotlight.
Israel, in fact, assumed the post from Tony Allen, who held it for 16 years and was himself a native of this country.
Scotia has faced some criticism for having failed to develop a local replacement to immediately step into his shoes. That nationalist call is once again coming from members of the business community.
The bank appears to have heard them, at least in part, having advertised the position in local papers as well as internally.
"Obviously we are very sad that (Ms. Israel) going," said Scotiabank spokesperson Krista Pawley, from its Toronto headquarters. "She has been an outstanding advocate for business in the Caribbean.
"Obviously we look forward to bringing in a new managing director who, too, will meet the needs of all our stakeholders, clients and employees."
For her part, Israel is looking to leverage her own skills in Jamaica, working with the new RBC-RBTT mega-giant. That $2-billion acquisition will gain RBC a foothold in the emerging Latin American market as well as gain it reentry into Jamaica and Trinidad.
RBTT's Suresh Sookoo will head that amalgamated entity, and it was he who announced the company's latest addition yesterday.
Israel is, in fact, a former employee of RBC in Toronto.
"As I've often said the Caribbean is a great place to do business," she offered Wednesday, "and I am pleased that Ii will have the opportunity to contintue to contiribrute to the growth of a strong financial sector in the region."
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