Amid the excitement surrounding her appointment last week as the first female president of Scotiabank Puerto Rico, Enid Picó remained cool, calm and collected but fully aware of the impact of her promotion as the institution prepares to mark its 100th year on the island.
“I see this promotion mostly as an achievement for all members of the local Scotiabank team and that truly makes me happy. The bank is fully committed to the development of local leadership. I believe my promotion is testimony that the bank is walking the talk and developing Puerto Rican leaders and, in my case, a woman. The bank has several advancement programs in place providing the tools women need to move ahead,” Picó told CARIBBEAN BUSINESS during an exclusive interview.
According to the new Scotiabank Puerto Rico president, the bank’s strategic plan and vision will remain the same, as Picó plans to continue the course outlined by her predecessor, Troy Wright, who will remain as the bank’s chief executive officer.
“It is an ambitious plan, one which we feel very proud of because we are already seeing the fruits of the initiatives we have implemented so far. Despite being a very difficult year for the industry, during which local banks lost $3 billion in high loan-loss provisions, we are nonetheless poised to have our best year since 2001,” Picó said. “That gives us great satisfaction as it reaffirms we are on the right path.”
She said the bank will continue to go after its strong niche markets such as corporate banking and provide support to the local government through its New York-based operations, but will also go after the midmarket by expanding its commercial banking and cash-management areas.
“In the retail area, we are going to increase our presence throughout Puerto Rico, but not necessarily in the traditional way by opening big branches. We plan to set up more point-of-sales (POS) and automatic teller machines (ATMs). We have several initiatives in place to reach the client and provide our products and services instead of waiting for the client to come to us. We also are looking at technology and exploring other options. We are convinced we don’t need a big branch network to take care of our clients,” Picó said.
The bank’s ultimate goal, she noted, is to become a one-stop shop for clients.
Scotiabank continues to see good results in the mortgage- and automobile-finance areas and, although business volumes have declined, has gained market share in those segments, which have been pivotal for the bank’s results this year, she said.
A certified public accountant, Picó earned a bachelor’s degree in business administration at University of Puerto Rico’s Mayagüez campus. At Scotiabank, she has excelled in such areas as operations, finance and automobile finance.
Picó’s career includes time with local auto and motorcycle distributor Bella International Corp., Banco Popular and Banco de Ponce. She is a member of the board of directors of Matria and a member of the advisory council on poverty and community development for the Center for Puerto Rico.
“Picó is an excellent professional with more than 23 years’ experience, 18 which she has dedicated to Scotiabank in different leadership and supervisory positions on her way to becoming the first woman to preside over Scotiabank Puerto Rico. Her contributions throughout the years have been key for Scotiabank in posting the excellent results it has over the past few years as well as in the development of our community and workplace-advancement programs for women.
We are certain her appointment will be beneficial for the bank,” Wright said in a statement.