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Financial News

Nov 2014 Financial News

Dylan Coke joins Scotia

Nov 05, 2014

SCOTIA Investments Jamaica Limited (SIJL) appointed Dylan Coke to head its capital markets division effective Monday.

Coke, formerly vice-president investment banking at NCB Capital Markets, joined Scotia this week to fill the position of vice-president organisation & capital markets. As a consequence, Ramon Pitter will head the investment banking division at NCB Capital Markets.

SIJL chief executive Lissant Mitchell avoided responding directly to whether Coke applied or was recruited for the position.

"I wouldn't want to get into that type of discussion. That is more an internal strategy discussion. Dylan has started with us today," he explained on Monday.

The division was formerly headed by Beris Grey who returned to CIBC FirstCaribbean International Bank some 18 months ago. During that period staff managed the unit, explained Mitchell.

"We are building on the talent pool and Coke will complement that and bring good value to the capital markets division," stated Mitchell. "He will help our capital markets and create transactions."

Coke, an attorney-at-law with investment banking experience, received some spotlight last year when NCB Capital Markets announced its $1-billion drive to seek out equity investments across the region. At the time, Coke stated that NCB Capital Markets would approach companies with strong growth potential, solid management and with hard currency earnings.

Financial outfits are now seeking to earn more revenue from fees and investment income arising from deals rather than interest spreads from government paper.

SIJL earned $634 million in after-tax profit for its July 2014 quarter, 50 per cent higher than a year earlier. Its strategy to earn more fee income continues to gain momentum. Over the review quarter the firm recorded $239 million in net fees which equated to roughly 40 per cent of its net interest income at $579 million.

COKE... expected to bring good value to Scotia Investments' capital markets division.

 

Source:
BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com
Jamaica Observer
Wednesday November 5, 2014    

http://www.jamaicaobserver.com/business/Dylan-Coke-joins-Scotia_17863241