In what the company dubbed as individuality, Scotiabank Jamaica last Thursday formally launched Scotia Private Client Group (SPCG), a unit dedicated to bringing in business from top tier clients.

SPCG is an international brand for Scotiabank's private-banking operation, with clients now being able to access products and services through 25 offices in 18 countries globally.

"Depending on what our private clients' needs are, we bring in a trust service through a wealth-structuring session, an offshore investor, discretionary investment management and access to a broader range of investment products through partnering with Scotia Capital," said Dan Wright, senior vice-president and head of SPCG.

While the number of clients that fall into this group was not disclosed, Wright noted that individuals who qualify have more than US$250,000 (J$22 million) in investable assets with the bank.

"A significant number of our clients throughout the Scotia retail, corporate and commercial network would fall into the private-banking sector," said Wright.

SPCG also offers these select clients access to specialised and tailored wealth-management solutions.

Last Thursday, the group announced its new MasterCard Black credit card, offering US dollar chequing facilities and a quick payroll service at the launch of the Jamaica office at Devon House in St Andrew.

Quick payroll allows for periodic salary payments to staff of wealthy clients, including personal assistants, household staff and drivers.

Twelfth in the region

The Jamaican office will operate from Scotia Group's newly opened financial services centre on Constant Spring Road in St Andrew.

Its launch is the 12th in the region.

SPCG already has eight such centres in the Caribbean, one in El Salvador and two in Peru.

Others are to be opened in Panama, Costa Rica, Mexico and Chile next year.

Globally, the wealth- manage-ment arm, which includes the private client group, manages funds in excess of US$24 billion, said Wright.

sabrina.gordon@gleanerjm.com