Dec 2006 Financial News

Scotia takes J’ca company

Dec 15, 2006

SCOTIABANK has acquired 68 percent of shares in Dehring Bunting & Golding (DB&G), a Jamaican investment company, to complete the bank’s takeover bid. Payments for tendered shares were issued yesterday, a press statement from the bank said.

“Scotiabank has deep roots and a long history in the Caribbean and Central America and we are proud to grow our operations in this region, where we have been embraced as the leading bank,” said Rob Pitfield, Executive Vice-President International Banking.

“This region is an integral part of Scotiabank’s international strategy and we have built a strong franchise by delivering superior service and by providing financial stability,” he added.

DB&G is the fourth largest securities dealer in the Jamaican financial market in terms of assets, profits and market capitalisation. It is also the largest equity broker in the country.

The group reported total assets of J$31 billion for the financial year ending March 31, 2006 and funds under management of J$33 billion as at June 30, 2006.

“All of us at Scotiabank Jamaica welcome DB&G’s customers and employees into the Scotiabank family,” said William E Clarke, President and CEO of Scotiabank Jamaica.

“We are deeply committed to providing employees with a great place to work and to delivering the highest level of expertise and service to our customers.

Scotiabank, he said, is known throughout the region for it’s stability, its strong customer focus and dedication to the communities it serves.

DB&G has eight offices in Jamaica and an office in Trinidad, offering a full range of investment products and services. The firm’s capital market assignments reach across several sectors of the Jamaican economy, including multi-faceted stock and bond issues, privatisation and financial advisory services, mergers and acquisitions, as well as syndicated loans.

“This transaction provides the opportunity to combine a talented pool of professionals, deep industry expertise and a successful business model with the existing Scotiabank organisation,” said Peter Bunting, former DB&G Chairman and now Chief Executive Officer of the new Scotiabank subsidiary.

“Continuity of management at DB&G will provide a solid foundation for a smooth transition and we are absolutely confident that the Scotiabank’s acquisition of DB&G will ultimately benefit both customers and employees.”

http://www.newsday.co.tt/news/0,49205.html
Friday, December 15, 2006.