Scotiabank has acquired a majority interest in Five Continents Financial Ltd., a leading global asset management company in the Cayman Islands.
Terms of the transaction – which closed this month – were not disclosed.
‘Scotiabank is always looking for strategic growth opportunities,’ said Dan Wright, senior vice preisdent, wealth management, international banking at Scotiabank.
‘We see significant opportunity for growth in the Caribbean and Central America and this partnership in the Cayman Islands further demonstrates our commitment to growing and investing across the region.’
Founded in 1993 by its managing directors Bill Messer and Scott Elphinstone, who remain minority shareholders, Five Continents has assets under management of US$458.3m. Five Continent’s discretionary asset management services are focused on managing conservative global investment portfolios for individuals, corporations, insurance companies, pension plans, trusts and third-party investment funds. The firm also offers corporate services, including offshore company incorporation, administration and custodial services.
‘Scotiabank has been long recognised as a leading player in the Caribbean and Central America, particularly in the Cayman Islands.’ said Mr.Messer.
‘Providing personalised solutions that help our customers meet their unique financial goals is what Scotiabank does best,’ said Farried Sulliman, managing director of Scotiabank and Trust (Cayman Islands).
‘This strategic investment is yet another example of how Scotiabank is changing and growing to serve our customers better.’
Scotiabank has been part of the Caribbean and Central America since 1889. It claims to be the leading bank in the region, with operations itself and through affiliates in 27 countries. The Bank has 12,117 employees in the region, including affiliates, serving more than two million customers, with 593 branches, kiosks and other offices, plus about 932 automated banking machines.
Scotiabank is one of North America’s top financial institutions and Canada’s most international bank. With more than 69,000 employees, Scotiabank Group and its affiliates serve about 12.8 million customers in 50 countries around the world.
Scotiabank offers products and services including personal, commercial, corporate and investment banking. With more than $509b in assets (as at January 31, 2009), Scotiabank trades on the Toronto and New York Exchanges.