SANTO DOMINGO.– Scotiabank announced that the country will be its regional hub and headquarters for operations and investments, from where it will strengthen its leadership, capabilities and execution in the Caribbean, Central America and Colombia, consolidating the country as a strategic center.
The announcement was made by Jabar Singh, CEO of Scotiabank Dominican Republic and the Caribbean, in the presence of President Luis Abinader, where the president highlighted that the financial institution's decision constitutes a show of confidence in the present and future of the country, which has consolidated itself as a reliable destination to invest, grow and project itself.
“Today, the Dominican Republic offers certainty. We are a dynamic, resilient economy, open to the world; we have maintained stability even in times of international uncertainty, strengthened our institutions, and consolidated a reputation based on trust and the ability to deliver,” he noted.
A press release from the Presidency indicates that Scotiabank's decision strengthens the country's strategic position within the Group's international vision and reaffirms the entity's long-term commitment to the nation, where it has had a presence since 1920 and currently has more than 5,000 employees.
“When an institution remains for more than 100 years and decides to increase its investment, what it is saying is that it believes in the present, but above all it believes in the future,” said President Abinader.
Similarly, he argued that the Dominican Republic not only attracts capital, but also develops capabilities, innovation and human talent, essential factors for consolidating a more competitive and modern economy.
“Each specialized investment generates opportunities, strengthens human capital and contributes to building a country with greater economic leadership and regional projection,” he said.
An organization that is committed to the country
Jabar Singh stated that “more than a century ago we made the decision to invest in this country. And today, seeing the direction the nation is taking, we are convinced of one thing: the best chapter in the history of the Dominican Republic is yet to be written. And Scotiabank wants to be a part of it.”.
As part of this new stage, Scotiabank will continue to strengthen its presence in the country through new business capabilities, a future corporate headquarters and a regional model led from Santo Domingo, based primarily on Dominican talent and complemented with international experience.
To date, the entity has invested more than 650 million Canadian dollars in the Dominican Republic, of which approximately one-third has been invested in the last five years, and for the next five years it plans to invest an even larger amount of capital.
A strategic region
The Caribbean represents a strategic region for The Bank of Nova Scotia, with an asset base exceeding 26 billion Canadian dollars and contributing nearly a third of its international banking results, thus reflecting the region's relevance and growth potential within the Group.
The event was attended by the Governor of the Central Bank, Héctor Valdez Albizu; the Superintendent of Banks, Alejandro Fernández; the Ministers of Housing, Ito Bisonó, and of Industry, Commerce and MSMEs, Eduardo “Yayo” Sanz Lovatón; the Mayor of the National District, Carolina Mejía, among other government and business personalities.
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