Scotiabank wins digital bank award
Scotiabank Cayman has been named Best Consumer Digital Bank for 2022 by Global Finance magazine.
It is the second consecutive win for the bank in this category.
“It’s our pleasure to have been selected once again for this prestigious honour. Being named the Best Consumer Digital Bank for 2022 in Cayman means that our decision to increase our focus on digital for the benefit of our customers continues to be the correct one,” said Sarah Hobbs, vice president and managing director, Scotiabank Cayman & Trust Ltd.
The bank’s digital push became even more important during the COVID-19 pandemic and extended restrictions on face-to-face interaction – particularly in Cayman.
The move to adopt more digital operations for routine transactions happened on both the virtual and physical front for Scotiabank Cayman, with major upgrades to the Scotia Online portal and mobile as well as the introduction of digital branches and smart Automated Banking Machines (ABMs).
“Our ongoing digital transformation and other customer initiatives allowed customers to seamlessly continue to conduct banking transactions despite the disruptions that occurred throughout the year,” Hobbs said in a press release.
Scotiabank Cayman said the use of its digital channels has grown by 6.8%, and the number of online transactions has grown by 16% over the past 18 months.
Greenlight Re announces underwriting leadership changes
Greenlight Re announced that Simon Burton will relinquish his title as the reinsurer’s chief underwriting officer while continuing his role as CEO and maintaining substantially the same responsibilities and authorities within the company.
His chief underwriting officer responsibilities will be shared between Greenlight Re executives Regan Cairns, Finbar Griffin and Kagabo Ngiruwonsanga.
Cairns has been promoted to chief underwriting officer of Greenlight Reinsurance Ltd., focusing on financial risks, North American casualty and property classes.
Griffin has been promoted to chief underwriting officer of Greenlight Reinsurance Ireland, and will focus on London Market Specialty and Funds at Lloyd’s classes.
Ngiruwonsanga has been promoted to head of underwriting of innovations and will manage and oversee underwriting opportunities derived from Greenlight Re Innovations.
Cairns and Ngiruwonsanga, together with Andy Gladwin, who will continue to serve as active underwriter of Greenlight Innovation Syndicate 3456 and managing director of Greenlight Re Marketing U.K. Ltd., will report directly to Burton.
Griffin will report to Pat O’Brien, Greenlight Reinsurance Ireland’s chief executive officer.
Burton said in a press release, “I am very proud to recognise the significant accomplishments of each of Regan, Barry, and Kagabo by placing them into newly created positions within the Greenlight Re organisation.
“We believe our newly adopted underwriting management model will allow us to better serve our brokers and cedants.”
Appleby advised on Silver Crest $1.4 billion de-SPAC with Tims China
Appleby acted as Cayman Islands legal counsel to Silver Crest Acquisition Corporation, a publicly traded special purpose acquisition company, or SPAC, on its business combination with TH International Limited (Tims China), the exclusive operator of Tim Hortons coffee shops in China.
The transaction values Tims China at an initial enterprise value of approximately US$1.4 billion and will provide Tims China with access to nearly US$200 million of additional financing to allow their continued store expansion.
The combined company will retain the TH International name and its shares and warrants will trade on NASDAQ under the symbols “THCH” and “THCHW”, respectively.
Appleby earlier advised Silver Crest, a SPAC formed by Ascendent Capital Partners, on its upsized US$300 million SPAC IPO on NASDAQ, which closed in January 2021.
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