The new centre will be on the first floor of Scotiabank Tradewinds building downtown.
Mr. Allen said the services offered by the centre will be directed toward high-net-worth individuals in The Bahamas, the Caribbean and Central America. It will provide individuals with a private-office-type setting to conduct day-to-day banking and other financial transactions, Mr. Allen said.
“It’s pretty much designed to provide a more private environment to high-net-worth individuals to give them an office setting to arrange their banking.”
“For domestic clients, we plan a full range of banking products: deposits, loans and any reliable securities including government securities and of course private-sector securities.”
Mr. Allen said the centre will not affect the services offered by Scotiatrust, which has been in The Bahamas since 1958, and acquired the trust and private banking business of MeesPierson this year. MeesPierson had been operating in the Bahamas since 1987.
The bank recently established a corporate finance unit responsible for leading the bank’s efforts to meet increasingly sophisticated capital market financing for corporate and institutional clients in the Caribbean and Central American regions.
“I am quite optimistic about the future prospects for The Bahamas’ financial-services sector.
I think here in the Bahamas, we have many strong financial institutions that are quite capable of meeting the challenges of the global environment, and we are also quite capable of maintaining The Bahamas’ good image.”
With more than 2,000 branches and offices in 50 countries on six continents, Scotiabank has been doing business internationally for more than 100 years. “Our strategic locations give our local operation immediate access to a full range of options and opportunities,” Mr. Allen said.
Source: The Nassau Guardian
