Ashford W. Meikle, Business Reporter

William 'Bill' Clarke of Bank of Nova Scotia Jamaica Limited. - Ian Allen/Staff Photographer

President and CEO of the Bank of Nova Scotia (Jamaica), William 'Bill' Clarke, who pulled the bank's membership from the Private Sector Organisation of Jamaica last week, says that he will not represent the Jamaica Bankers Association which has an ex-officio membership on the PSOJ's executive.

At the same time, Clarke, who is the president of the JBA, insists that there will be no conflict between the bankers' lobby group and the trade organisation.

"I won't be the representative," Clarke, told the Financial Gleaner Thursday.

No conflict

"There will be no conflict; there will be absolutely no conflict," he said on the sidelines of a press conference at the Jamaica Pegasus to announce the closure of BNS' acquisition of investment bank Dehring, Bunting and Golding.

"The members of the JBA will make a determination as to what they want and they will get someone else to represent them. It won't be me," he reiterated.

Presidential bid

A week ago, the Scotiabank boss announced that BNS would leave the PSOJ after the trade association voted down his reform proposal that was his platform for a presidential bid.

His proposals would have seen an expansion of the officer corps to broaden representation of the membership and the creation of two new positions for a legal advisor and an economic and taxation advisor.

However, when his proposals were rejected, Clarke withdraw his candidacy, leaving the way clear for deputy chairman of the ATL Group, Christopher Zacca, to be elected by acclamation if no other candidate surfaces up to the vote on December 20.

In a caustic statement following his decision to withdraw, Clarke accused the PSOJ of being interested in entrenching the status quo of the old guard.

"The members of the PSOJ have elected the president that they desire and the status quo will certainly remain," read the terse statement.

Yesterday, Clarke said he had been forthright with the PSOJ on how he would act, if his reforms were shot down.

"I went to the PSOJ with a reform agenda. I stated upfront if they rejected it [I would withdraw my candidacy]. I stated it upfront. It's nothing new," Clarke told the Financial Gleaner. Other PSOJ members have confirmed his statement.

Media commentary

Clarke also dismissed media commentary questioning whether he had acted unilaterally and independent of Scotiabank's head office in Canada.

"I don't need the approval of the board ... I made a decision," said the BNSJ president.

"I make decisions on behalf of the bank every day. I have a management responsibility and I exercise it."

It is unclear whether Scotiabank will rejoin the PSOJ in the future and also in doubt is whether Clarke will seek re-election as president of the JBA.

"My colleagues have to determine that. I don't seek re-election for anything. It is a decision of the members," he said.

ashford.meikle@gleanerjm.com