SCOTIABANK will today officially open its Financial Centre in Fairview, Montego Bay, after surpassing its premium banking clientele target by over 300 per cent.

Premium banking is the newest service offered by the bank and targets individuals earning over $500,000 monthly. The financial centre, which includes Scotia Insurance, Scotia Investments, and Scotia’s small business banking, retail, premium and commercial banking, has seen an increase in its numbers since the company opened in Montego Bay last November.

District Vice-President Michael Shaw told the Jamaica Observer that the 19,000-square-foot building located at the intersection of Alice Eldemire Drive and Howard Cooke Boulevard is “a real game-changer in terms of its quality of service and the convenience that it is providing to the community”.

“What we are bringing, not just to Montego Bay to but western Jamaica, is more of a one-stop shop for convenience, and that is why it’s not a branch but a financial centre,” Shaw told the Business Observer.

Previously, Scotiabank operated a branch in West Gate Plaza, Montego Bay, and a satellite office on Barnett Street but later closed the operations as its customer base expanded. Additionally, the small office space and limited parking were not in keeping with the bank’s brand and image, according to Shaw.

“We have 190 parking spaces, which is very unusual in Jamaica,” Shaw stated. “It really is a huge investment, but it’s a very strategic move as Fairview is the prime area of Montego Bay.”

In October last year, Scotia Group disclosed assets of $407 billion which should see some improvement from the new establishment. Shaw stated that the bank’s decision to construct a financial centre in Montego Bay presents a good opportunity for the company, as tourists create strong business for the parish.

“We believe that there is an opportunity for growth down here and we think that we should poise ourselves to facilitate that growth,” he added.

Currently, Scotia employs 60 persons at its Montego Bay location but has signalled that it will be increasing the number of employees as the company expands. “There are some offices that we call future-use offices and as time progresses we will be expanding,” Shaw said.