NASSAU, March 15 /CNW/ - Scotiabank is expanding its wealth management
services platform across the Caribbean, as well as Central and Latin America.
The Bank today launched Scotia Private Client Group in the Bahamas, the first
in a series of announcements, leveraging Scotiabank's global operations to
offer investment advice, trust services, private banking and insurance in the
"Scotia Private Client Group offers high net worth clients access to
specialized, high-end wealth management products and services," said Dan
Wright, Senior Vice-President, International Wealth, Scotiabank. "We are
pleased to enhance Scotiabank's offerings in the Caribbean, Central and Latin
America, leveraging the expertise of Scotiatrust, ScotiaMcLeod and Private
Banking to create a customized and integrated financial solution for our
The expansion will reflect Scotiabank's retail footprint in the region.
Cayman Islands and the Dominican Republic will follow the Bahamas announcement
in coming months. The Bank also plans to introduce its Scotia Private Client
Group brand in Barbados, Jamaica, Trinidad and Tobago, British Virgin Islands
and the Turks and Caicos, as well as Chile, Costa Rica, Dominican Republic,
El Salvador, Peru and Panama.
"Scotiabank has served the needs of our customers in the Bahamas since
1956 and now, with the addition of Scotia Private Client Group, we are
expanding the breadth of our services to serve more complex financial needs on
an international level and also highlight our private banking services," said
Minna Israel, Managing Director, Scotiabank (Bahamas) Limited. "We consider
the launch of the Scotia Private Client Group centre to be paramount to
deepening our customer relationships and an important extension to our mix of
The business model for the Caribbean, Central and Latin America will be
similar to the one used in Canada, where integrated services are offered
through teams of experts at distinct locations, outside the Bank's network of
branches. Clients deal directly with trained relationship managers who tailor
resources and solutions to meet their individual needs.
Scotia Private Client Group will offer high net worth clients
international brokerage and local private banking services. The availability
of additional services will hinge on local regulatory conditions. Where
permitted, Scotia Private Client Group will also provide offshore private
banking and onshore brokerage, as well as trust and estate services.
Scotiabank has been part of the Caribbean and Central America since 1889.
It is now the leading bank in the region, with operations in 25 countries. The
bank has some 11,240 employees in the region, serving more than two million
customers, with about 370 branches and about 840 automated banking machines.
In Latin America, Scotiabank operates in five countries including Brazil,
Chile, Mexico, Peru and Venezuela. Across the region, the Bank has upwards of
14,490 employees, 1,590 automated banking machines (ABMs) and 785 branches. In
Mexico since 1967, Scotiabank Mexico is the country's sixth largest commercial
bank. In Peru, Scotiabank acquired Banco Wiese Sudameris (BWS) and the
remaining shares of Banco Sudamericano in 2006, as BWS and Banco Sudamericano
were combined to form the country's third largest bank.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With over 57,000 employees, Scotiabank Group
and its affiliates serve approximately 12 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $396 billion in assets (as at January 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
For further information:
For further information: Frank Switzer, Scotiabank, at (416) 866-7238 or
firstname.lastname@example.org; or Andrea Myers, Scotiabank Bahamas, at (242)
356-1446 or email@example.com