Feb 2011 Financial News

Scotia to rid itself of DB&G remnants

Feb 09, 2011

SCOTIA DBG Investments Limited plans to altogether drop the remnants of the name — Dehring, Bunting and Golding — it held before being bought out by Scotiabank in 2006.

At the upcoming annual general meeting — yet to be scheduled — shareholders are expected to vote on resolution six which asks "that the name of the company be changed from Scotia DBG Investments Limited to Scotia Investments Jamaica Limited."

The renaming would return Scotia' wealth management business' name after Bank of Nova Scotia Jamaica transferred it to Dehring, Bunting & Golding as part of management's efforts to consolidate operations in that segment of the business and enhance efÞciency and proÞtability in July 2007.

What's more, a major technology infrastructure upgrade project, which commences this year, couples the latest move to add to a growing list of reorganisational changes that have taken place since the buyout.

Scotia DBG closed two branches -- May Pen and Ocho Rios -- last February and reorganised its Savanna-la-Mar branch as a sub-branch of our Mandeville office, as part of its efficiency drive.

Then in May, Scotia DBG sold its merchant bank operations to BNSJ for $879 million, which was said would improve efficiencies across Scotia Group "through the removal of duplicate products and services".

On the upgrade project, Scotia DBG CEO Anya Schnoor said in her report to shareholders accompanying the 2010 annual report: "During 2011, we will also begin an important project to upgrade our key information technology infrastructure. This project, which is expected to last 24 months will allow (Scotia DBG) to deliver an enhanced client experience while achieving greater operational efficiencies."


Source:
Jamaica Observer
Wednesday February 9, 2011

http://www.jamaicaobserver.com/business/Scotia-to-rid-itself-of-DB-G-remnants_8341710#ixzz1DUNm1dHg