The board of the Bank of Nova Scotia Jamaica Ltd yesterday named Canadian Bruce Bowen as the bank's new president and CEO.

The revelation follows this month's shock announcement that William 'Bill' Clarke will retire after 40 years with the institution.

Bowen currently serves as president and CEO of Scotiabank Puerto Rico. He is expected to replace Clarke come October 31, when the retirement becomes effective.

For the good of customers

"Together with the board and the strong Scotiabank Jamaica management team, I know that Bruce will continue to build on Scotiabank's tradition of strong leadership and commitment to customers, employees and the Jamaican market," said Robert Pitfield, chairman of the board of Scotiabank Jamaica.

"Mr Bowen has been a key contributor to our success in the Caribbean and we look forward to having him rejoin the Scotiabank Jamaica team," a spokesperson for the bank said in a press release.

Bowen is expected to return to Jamaica with his wife and five children.

Pitfield also lauded the outgoing CEO for his contributions to the organisation.

"Bill has done a tremendous job for Scotiabank, playing a key role in our success," he said. "The board very much appreciates his contribution, and I know that I speak for all Scotiabankers in wishing him all the best in his retirement."

Clarke announced his plans to retire nearly two weeks ago after serving four decades with the international financial institution. His retirement comes four years earlier than expected and amid conflicting reports that he had been asked to leave.

Financial analyst, Errol Gregory, said yesterday that he did not know Bowen, but although Clarke would no longer be at the helm of Scotiabank, he was confident the bank would be able to maintain its position as the leading financial institution locally.

"There certainly is an extent to which there is no denying Clarke's exceptional dynamism. He spearheaded many successful initiatives as head of Scotiabank," Gregory said.

He, however, argued that Scotiabank's established systems have contributed to its track record of success.

Gregory said, over the years, the bank has been able to market itself as a safe and sound financial institution that Jamaicans could trust. This tradition, he said, would continue.