The bank last week launched Scotia Private Client Group in the Bahamas, the first in a series of announcements, leveraging Scotiabank's global operations to offer investment advice, trust services, private banking and insurance in the region.

"Scotia Private Client Group offers high net worth clients access to specialized, high-end wealth management products and services," explained Dan Wright, Senior Vice-President, International Wealth, Scotiabank, adding: "We are pleased to enhance Scotiabank's offerings in the Caribbean, Central and Latin America, leveraging the expertise of Scotiatrust, ScotiaMcLeod and Private Banking to create a customized and integrated financial solution for our clients."

The expansion will reflect Scotiabank's retail footprint in the region. New operations in the Cayman Islands and the Dominican Republic will follow the Bahamas announcement in coming months. The Bank also plans to introduce its Scotia Private Client Group brand in Barbados, Jamaica, Trinidad and Tobago, the British Virgin Islands and Turks and Caicos, as well as Chile, Costa Rica, Dominican Republic, El Salvador, Peru and Panama.

"Scotiabank has served the needs of our customers in the Bahamas since 1956 and now, with the addition of Scotia Private Client Group, we are expanding the breadth of our services to serve more complex financial needs on an international level and also highlight our private banking services," announced Minna Israel, Managing Director, Scotiabank (Bahamas) Limited, adding: "We consider the launch of the Scotia Private Client Group centre to be paramount to deepening our customer relationships and an important extension to our mix of financial services."

The business model for the Caribbean, and Central and Latin America will be similar to the one used in Canada, where integrated services are offered through teams of experts at distinct locations, outside the Bank's network of branches. Clients deal directly with trained relationship managers who tailor resources and solutions to meet their individual needs.

Scotia Private Client Group will offer high net worth clients international brokerage and local private banking services. The availability of additional services will hinge on local regulatory conditions. Where permitted, Scotia Private Client Group will also provide offshore private banking and onshore brokerage, as well as trust and estate services.

Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 25 countries. The bank has some 11,240 employees in the region, serving more than two million customers, with about 370 branches and around 840 automated banking machines.

In Latin America, Scotiabank operates in five countries including Brazil, Chile, Mexico, Peru and Venezuela. Across the region, the Bank has upwards of 14,490 employees, 1,590 automated banking machines (ABMs) and 785 branches.