Dehring Bunting and Golding will continue to operate in the short term as a separate entity from its new parent Bank of Nova Scotia but the bank's senior executives said yesterday that the DB&G marquee would eventually be subsumed by the Scotiabank brand.
"Going forward, our intention is for DB&G to continue to operate as a separate subsidiary of the Scotiabank group," president and CEO of Scotiabank, William 'Bill' Clarke told journalists yesterday at a press conference announcing the closure of the deal.
The BNS president also announced five new directors to the DB&G board - chairman Professor Stephen Vaciannie, Bill Clarke, attorney-at-law Barbara Alexander, Jamaica Chamber of Commerce executive Anthony Chang, and hotelier Muna Issa.
Four former members - Phillip Martin, Peter Bunting, Mark Golding and Garfield Sinclair - retain their seats.
"Our next step is to review our business, including our operations and workforce to determine how best to build on our existing strengths to secure growth and stability for the future," said Clarke.
Echoing his views, newly appointed CEO of DB&G, Peter Bunting who will answer to the new board, declared that the "culture of service, energy and passion" would not change.
Business as usual
"It will be business as usual," said Bunting, formerly DB&G's executive chairman.
DB&G is Jamaica's fourth largest securities dealer in terms of assets, profits and market capitalisation and is the largest equity broker, with total assets of $31 billion and funds under management of $33 billion.
On Tuesday Scotiabank formally acquired 68 per cent of DB&G's shares to take control of the investment bank.
Clarke also announced that BNS' senior vice-president for Wealth Management and Investment, Anya Schnoor "will lead the local integration team which will manage the integration process."
Schnoor told the Financial Gleaner afterwards that DB&G will eventually integrate into the Scotia Jamaica Investment Management unit, to happen, she said, over a six month period.
In another year, Scotiabank will decide whether to change the name of DB&G.