Scotiabank is closing its long-time Hato Rey branch, smack in the heart of the Golden Mile, and consolidating it into Scotia Tower on Piñero Ave.
The move is effective June 7.
Although NIMB was unable to find out how much space Scotiabank has in Hato Rey, the closing of the branch will leave a big chunk of commercial real estate vacant inside one of the Golden Mile’s larger properties, namely ScotiaBank Plaza.
Commercial Centers Management, a commercial real estate management company operating since 1977, manages this building. An official there could not be reached for comment.
Consolidation and convenience are behind the branch shutdown.
“The Hato Rey branch will be consolidated with the branch on Piñero for our clients’ greater convenience,” confirmed Bank Spokesperson Miriam Colón-Semidey.
The announcement was made informally through a form letter the bank sent out to its customers.
Scotia Tower, a 12-story building on Piñero Ave., currently houses the bank’s executive offices as well as various divisions including Auto Financing, Mortgages, Commercial and Corporate Banking, Scotia Insurance, among others.
Close by is a three-story structure, which the Canadian bank is building at a cost of $4 million to house its mortgage and car financing divisions.
“They will be transferred (from the tower) to the new facilities in the next few months,” Colón said.
ScotiaBank has 36 branches on the island and, according to Colon, no other closings are anticipated at this time.
Clients using the Piñero branch will have access to an drive-thru service as well as to a large parking facility equipped with security and automated teller machines.