Scotiatrust Bahamas has officially acquired the private banking business of MeesPierson (Bahamas), making the buyer one of the largest private banks in the country.
A statement released Tuesday to The Guardian said Scotiatrust was pleased to announce the acquisition of the trust and private banking business of MeesPierson (Bahamas) Limited in Nassau, Bahamas.
Scotiatrust provides specialised trust services to clients worldwide. Terms of the agreement were not disclosed.
“This is an ideal addition to our operation and we hope to continue to expand our operations in this area,” said Doug Stewart, Senior Vice President of Scotiatrust Bahamas.
MeesPierson, the private banking division of Benelux-based Fortis, provides investment, structuring and trusts, finance and insurance services to clients worldwide.
Mr. Stewart said that MeesPierson’s decision to terminate its private banking and trust activities in The Bahamas is based on a desire to concentrate more of its activities in countries with fit into its strategic plans.
“We are dedicated to private bankers, relying on each individual client to define what ‘Private Banking’ means to them,” said Ian Fair of MeesPierson. “MeesPierson has been operating in The Bahamas since 1987 and it was important to us to find a new trust and private banking service provider who would provide our customers with the same high standards of service that they have come to expect from us.
Scotiabank was established in The Bahamas in 1965, and the bank now operates 18 branches, offering a full range of retail and commercial banking services. Scotiatrust Bahamas was established in 1958.
“Scotiatrust has been part of The Bahamas for 45 years and we remain committed to serving our customers with continued excellence in products and services. This acquisition will make Scotiatrust one of the largest private banks on the island and will enable us to bring our unique and innovative financial solutions to a new group of customers,” said Mr. Stewart. “We look forward to welcoming our new customers and will ensure that there is a smooth transition.”
Scotiatrust boasts of more than 110 years of contributing to the lives of people in communities across 24 countries in the Caribbean and Central America. With over 220 branches and more than 300 ATMs, Scotiabank also boasts of being the leading bank in the Caribbean.
With more than $193 billion in assets, as at October 31, 2002, it is also one of North America’s premier financial institutions and Canada’s most international bank.
Approximately 49,000 employees of the Scotiabank Group and its affiliates deliver a diverse range of products and services including personal, commercial, corporate and investment banking to about 10 million customers in some 50 countries around the world.
MeesPierson, is a private banking company which is part of Fortis, an international financial services provider active in the field of insurance, banking and investment. With market capitalisation of EUR $18 billion and around 69,000 employees. Fortis ranks in the top 20 European financial institutions. At September 30, 2002, Fortis had total assets of EUR $498 billion.
In its home market, the Benelux countries, Fortis occupies a leading position and offers a broad range of financial services to individuals, companies and the public sector. Outside its home market, Fortis concentrates on selected market segments.
Fortis is listed on the exchange of Amsterdam, Brussels and Luxemburg and has a sponsored ADR programme in the United States.
By Lindsay Thompson, The Nassau Guardian
