Thu | Dec 8, 2016

Scotia develops second financial centre, reshapes MoBay operations

Published:Friday | October 31, 2014 | 12:00 AM
The Scotiabank Fairview Financial Centre.

Scotia Group Jamaica has pumped CDN$9.3 million into its second financial centre, which will open for business officially in mid-November.

The banking group developed its first financial centre at Constant Road in Kingston in 2009. The second is based at Bogue in Montego Bay - an investment that converts to about J$935 million at current market rates.

The Kingston centre, whose services are largely targeted at the banking group's high net worth clientele, houses both a retail bank as well as a branch of its investment subsidiary, and other group services.

Alongside the new Fairview Financial Centre, Scotia Group has also reshaped its Montego Bay branch operations. The financial centre will accommodate the business of the Westgate bank and the clientele of Scotia Investments Jamaica's Market Street branch. Customers at Barnett Street will now be transferred to the Sam Sharpe Square branch.

Fairview opens for business on November 17, but the transfer of services for Scotia Investments will happen a week before on November 10, and the Barnett Street operations will be shifted to Sam Sharpe Square, effective November 13.

The Fairview Centre, a 19,000-square-foot building, will offer services from Scotia Insurance, Scotia Investments, and retail banking at Scotiabank.

"The branch will have parking to accommodate up to 190 cars, and, it will be the first location on the island to offer one in-branch and three drive-thru automated teller machines," Scotia Group said in a release on the new centre.

Scotiabank says it has had a presence in Montego Bay since 1906, seventeen years after it first entered the Jamaican market.

business@gleanerjm.com