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Scotiabank Moves Private-Banking Offices To P.R.

Will serve clients in the Caribbean, Mexico, and Central America


December 16, 2004
Copyright © 2004 CARIBBEAN BUSINESS. All Rights Reserved.

Scotiabank has moved its Private Banking Services division for international clients from New York to Puerto Rico.

One of the reasons for last month’s move was that a large part of the bank’s client base is in the Caribbean, Mexico, and Central America. Scotiabank felt it could best serve these clients from someplace closer to them that could offer bilingual service.

Alan Jenkins, who heads the Private Banking Services division, said Puerto Rico was the most convenient location for the division, especially considering the technological needs of the operation.

"Puerto Rico already had an international platform for transactional business. It already had a back office in place with a bilingual staff, and that facilitates all the private-banking services we offer," he said.

Gustavo Scaiano, who is part of the team that transferred to Puerto Rico, said the decision to move the operations to Puerto Rico was significant. "The global bank saw Puerto Rico as the best strategic place to relocate. That means it has a great deal of confidence in Puerto Rico’s capability to manage its most important clients. That a bank would move its best international clients from New York to Puerto Rico means it is making a great commitment to the island operation and has great faith in the system here," said Scaiano.

Although some clients initially resisted the move, Scotiabank’s 94-year history in Puerto Rico helped to calm their fears.

All of the Private Banking Services clients have access to a personal account manager who strives to meet their long- and short-term financial needs, including loans with preferred interest rates, lines of credit, savings plans, and investment services. The account managers will meet with their clients anywhere, anytime, even making house calls. These services, however, are by invitation only.

Although Scotiabank is committed to developing its Private Banking Services, the bank’s strategy doesn’t include advertising campaigns. It intends to continue expanding through the introduction of new products and through referrals from clients, some of whom have been with Scotiabank for over 40 years.

This Caribbean Business article appears courtesy of Casiano Communications.
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