By Ashford W. Meikle,
Staff Reporter
Doing the dance Minna Israel with former NCB Group Managing Director Aubyn Hill. - File
YET ANOTHER high profile movement in the financial sector has caught corporate Jamaica off guard.
Career banker, executive vice-president and deputy managing director of the Bank of Nova Scotia (Jamaica) Limited, Minna Israel, has been promoted to managing director of the Bahamian operations of Scotiabank. She will succeed Anthony Allen who retires after forty-one years with Scotiabank.
"That is so correct," confirmed Ms. Israel when contacted by the Financial Gleaner yesterday. "I'll be the managing director and under my charge will be the operations in the Turks and Caicos Islands." While she did not give an effective date for her appointment, she explained, "some time in January... that's something we are working on."
A subsequent press release from Scotiabank validated the appointment. A decision has not been made for a replacement for her soon to be vacated position, Ms. Israel said.
BNS (Bahamas) has eighteen branches, "it is the number two in the region after Jamaica. Jamaica is the jewel in the crown," said Ms. Israel.
The appointment has raised eyebrows in corporate Jamaica; she was being groomed to take over from managing director, William 'Bill' Clarke. But, Ms. Israel sought to downplay the significance of the move insisting, "It's not a shock...it's a very pleasant surprise. At BNS you always know that you are being groomed for bigger things. I've always known that."
She enthused, "I am extremely excited about this opportunity ... I have been groomed over the last twenty months by the best -- by Bill Clarke -- so I feel confident and competent to fly the coop."
When asked if she was disappointed that her succession to Mr. Clarke had effectively been scuppered, Ms Israel paused -- just slightly -- before answering. With a slight tinge of nostalgia, she replied, "Of course... It was my dream [to head BNS Jamaica]." She qualified her response, saying "At Scotiabank we recruit the best, train and cross train the best. BNS focuses on succession planning.
"If you talk to any junior manager they all want to take over Bill's position one day," She laughingly added.
The managing director designate says that her immediate three objectives are:
To sustain the strong financial position of BNS Bahamas
Provide "tremendous leadership in BNS inspire and motivate the staff."
Maintain the bank's strong tradition and reputation of good customer service.
She lauded BNS for its culture of equal opportunity for women, saying that the bank is "way ahead of most companies fifty per cent of our (Jamaican) executive team are women." She reflected, "Really [my appointment] is a landmark for diversity in the region. An objective of BNS is to recognize the potential of women in the region."
A graduate of the then College of Arts, Science and Technology (CAST) and the University of the West Indies, Ms. Israel has spent over twenty-one years in banking. She holds an MBA from the Richard Ivey School of Business at the University of Western Ontario.
The country's most profitable commercial bank, BNSJ, posted a net profit of $5.8 billion on revenues of $16.7 billion for its 2004 financial year.
The banker has not ruled out her desire to some day be transferred back to Jamaica to head the local operations. "You know, I have to have a very open mind...I am open to all career opportunities in the BNS International Group. I am very mobile--I've worked in Toronto before with Royal Bank of Canada," she diplomatically shared.
Fact file on Minna Israel
Joined Bank of Nova Scotia in the summer of 1991 as account manager in the corporate division.
Within six months she was
promoted to senior relationship
manager
1996 to promoted to assistant
general manager for corporate banking.
In 1998 - 2000 district general
manager for the bank's branches in the Corporate Area and St. Thomas.
In 2000 she was promoted to
general manager for corporate banking, a position she held for two years
May 2003 appointed deputy
managing director BNSJ
December 2004: appointed
managing director, BNS Bahamas
