Scotiabank Jamaica announced yesterday that effective November 1, 2009, it will cut its base lending rate by 62 basis points to 19.88%. This is the second rate reduction announced by ScotiaBank in the past three months, and this new 19.88% will be the lowest loan rate compared to all the other local commercial banks.
ScotiaBank’s loan rate reduction follows recent similar reductions by RBTT and FirstCaribbean. In a press release that was issued yesterday, ScotiaBank said that it will continue to review its rates to determine if opportunities exist for further adjustments over the short-term.
Jacqueline Sharp, Scotiabank Group’s chief financial officer said, “This second reduction in our lending rate is another demonstration of our keen commitment to stimulating recovery in all sectors. We are giving Jamaicans access to affordable financing, so that they can succeed in a very challenging economic environment.” She also added that this reduction “was evidence of Scotiabank’s confidence in Jamaica and the Bank’s commitment to playing a lead role in encouraging industry and providing support to retail customers.”
ScotiaBank also announced recently, a special 9.95% loan pool for the productive sector.
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