Scotia launches subsidiary offering globalised services

Saturday, November 21, 2009 5:55 AM

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Sunday, October 18, 2009

Scotiabank Group last week formally launched Scotia Private Client Group (SPCG), its private banking arm and face of Scotiabank's International Wealth Management Division in Jamaica.

In a press release, the firm said that new enhancements to the private banking arm, which has been operational since 2002, will allow clients to access wider wealth management offerings globally. Additionally, clients individualised in-depth consultations will now leverage the international connections of Scotiabank in investment markets.

Scotia Jamaica president Bruce Bowen (left) engages Beverly Levy and Hugh Hart in discussion at the launch of Scotia Private Client Group at Devon House in Kingston. (Photo: Garfield Robinson)

Among SPCG's new international wealth consultations services are brokerage services, direct access to the United States banking system with credit and day-to-day banking facilities offered through SPCG Miami and discretionary investment/asset management services. According to Scotia, clients will also be able to now open US dollar local chequing account facility, and access a new Quick Payroll Service to make salary payments to their personal staff.

Anya Schnoor, senior vice president for wealth management services at Scotiabank and CEO of ScotiaDBG said: "These enhanced services are part of Scotia Private Clients Group's value proposition to offer our customers integrated banking solutions to meet their complex banking and investment needs. For example, clients will have seamless direct access to stocks and other investments available in overseas markets allowing them to manage their local and International portfolio through one point of contact which previously was not possible in Jamaica."

She further added that the Scotia Private Client Group and the new services differentiate the Scotiabank wealth management position in the market.
The launch in Jamaica follows quickly on that of SPCG Miami, which acts as a hub for the Scotiabank International Wealth Management Division in the Caribbean and Latin America.

Scotia said that this is the twelfth of a series of planned announcements for other centres throughout the western hemisphere, including eight in the Caribbean. When completed, clients will have access to 25 offices in 18 countries globally.

A formal launch event for SPCG was held on Thursday at Devon House in Kingston.