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- Branch Fits in with Downtown bargain shopping

June 29, 2010: Scotiabank King Street has been a part of downtown Kingston for over 100 years. As the ‘mother’ branch of one of the island’s largest financial organisation, King Street has decided to fit into the foray of discount and bargain shopping that downtown has been known for….with a huge red tag sale on loans!! And yes they have donned their storefront banners, red polo shirts and hit the pavement to promote their discounted loans which ‘shoppers/customers’ can access through the branch.

Car, education, business, vacations, medical loans, are just some of the discounted loans that Scotiabank’s King Street Branch is using to connect with the public. Through the loan sale the branch is aiming to stimulate dialogue with customers and tailor packages which will be comfortable for everyone. “Customers are able to choose optional credit protection, design their preferred repayment schedule and can negotiate interest rates, fees or any other terms which may be prohibitive for the customer “explained Marvin Scott, assistant manager of personal banking at the Scotiabank King Street.

Why has King Street branched out from the traditional formal promotional advertising strategies? Branch Manager, Michael Shaw perceives the loan sale as an innovative, yet customer friendly invention. “My objective is to always think creative in meeting my business objectives. Our loan sale is in keeping with the branch’s dynamic process of finding innovative and effective means of communicating what Scotiabank has to offer”.

Mr. Scott, also believes the loan sale is an excellent concept to meet the ever changing demands of the consumer. “The idea is to get the attention of our customers and to invite them to sit with any of our personal banking team members to discuss tailoring a loan that will fit their demands. Each person is different and need a loan to meet the specificity of their circumstances whether short medium or long term,” Scott explained.

As part of the loan sale, Scotiabank King Street is also creating an inviting atmosphere where individuals, regardless of whether or not they have an account with Scotiabank can speak with any of their personal or business banking team.

On June 1, 2010, Scotiabank led the banking industry in lowering interest rates when it dropped rates by over 200 basis points from 19.875% to 17.75%. The Bank has also introduced several special loan facilities to stimulate activity in the manufacturing, productive and agricultural sectors.

The loan sale at King which began on June 3 will until the branch team conceptualizes another outreach programme for customers. What will they decide next?