May 2008 Financial News

Scotia launches $586m banking centre project

May 16, 2008

Scotia Group Jamaica, the number one banking group by capital base, will today roll out a half a billion dollar plan for a new branch that encapsulates its banking, investment and insurance services.

The company this week advised in a press notice that the new branch would cost $410 million to build, but has advised the Financial Gleaner that the total investment to be made will reach $586 million.

The other $176 million was invested in site preparation and infrastructure, the bank said ahead of last night's launch of the construction phase, which is expected to be finalised within a year.

Network growth

The branch, which should grow the group's network to 55, inclusive of Scotia DBG Investment offices islandwide, is to be constructed at Constant Spring Road, St Andrew on property that formerly housed a McDonald's fast food outlet.

Scotiabank in June 2006 acquired the property for US$1.56 million - then the equivalent of some $103 million.

The new branch will be built as a two-storey complex, with a red distinguishing tower similar to the Portmore branch.

The centre, measuring 16,976 square feet, is to house the wealth management arm of the company's operation comprising of the Scotia Private Clients Services, Scotia Jamaica Life Insurance Company (SJLIC) and Scotia DBG Investment office on the upper floor, while the banking branch will take up the ground floor.

The contractors are Tu-Stan Engineering Company Limited, while Hue Lyew Chin Engineers Limited have been hired as the structural engineers, Berkeley & Spence as quantity surveyors and Rivi Gardner, architectural services.

The mechanical and electrical engineers are Gartek Engineering Corporation, based in Miami.

Scotiabank expects to occupy the new building by April 2009.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Friday May 16, 2008

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