Scotia Investments drops DBG from its name
Published:Wednesday | April 13, 2011 | 12:00 AM
Scotia DBG Investments Limited has dropped the abbreviation DBG and is now formally referred to as Scotia Investments Jamaica Limited.
"As part of an international financial services group, we felt it important to align the brand of the company with that of similar entities in the group," said Anya Schnoor, chief executive officer of Scotia Investments Jamaica.
"Scotia Investments is the brand used worldwide and we are happy to be firmly associated with it," she said.
But Schnoor did not disclose how much it will cost the company to undergo the name change, which took effect on the stock exchange and central depository yesterday.
"We will undertake a comprehensive update of all material provided to clients and the public. All of these costs are included in our business and profit plans for 2011," she said.
Over the last two years, the investment company has been restructuring its operations, including consolidating the branch network and reorganising the management team.
asset sales
At the end of March, the investment house announced the sale of its asset management company to a non-related but undisclosed party.
In May last year, it sold the Merchant Bank to sister company the Bank of Nova Scotia.
Scotia Investments also announced that it will be moving its Mandeville branch to a new location within the next few weeks, to allow clients better access to parking and other services.
On balance sheet, Scotia Investments has an asset base of $70.85 billion as at the quarter ended January 2011.
Total revenues was $962 million for the quarter, an increase of $88 million over the previous quarter but down $170 million when compared with the same period last year.
Still, Schnoor is optimistic about the performance going forward.
"We are confident that with the excellent team of professionals at Scotia Investments we will have another year of credible performance," she said.
Scotia Investment last traded on the Jamaica Stock Exchange at $21.25. Its more than 400 million issued shares is currently valued at $8.9 billion.