Scotia Group approved as licensed holding company

 

Caribbean Money Daily





Scotia Group Jamaica Limited was recently assessed by the Bank of Jamaica and was awarded a license to operate, as a Financial Holding Company effective July 24, 2024.

The approval indicates organizational arrangements completed for the separation of regulated financial subsidiaries from non-regulated subsidiaries. This is done pursuant to the Banking Services Act (BSA) of 2014 which gives the BOJ consolidated supervision of financial entities within a group that includes a deposit-taking institution (DTI).

Concurrently, for Scotia, new appointments have been made including Anya Schnoor, Chair Scotia Group Jamaica Limited who has been appointed as Executive Vice President, Global Insurance effective November 1, 2024. With this appointment she will provide strategic direction and oversight responsibilities to the Insurance Business within International Banking.

Perrin Gayle, SVP Retail & Small Business has been appointed Acting Head of Retail Banking, Caribbean and Central America (CCA) effective November 1, 2024. With this expanded mandate Gayle will manage the execution of regional segment strategies and design in local markets with focus on client experience. He will also have oversight of the local market product platforms and digital performance, including overall accountability for performance measurement and salesforce compensation.

Sabrina Cooper, SVP Wealth Management and CEO Scotia Investments Jamaica Limited has been appointed Regional Director, Brokerage, CCA, effective September 2, 2024.

Under an expanded role Cooper will continue to lead the Wealth business in Jamaica and oversee accountability for offshore brokerage implementation within the Caribbean & Central America.

Debra Lopez-Spence, President Scotia Jamaica Life Insurance Company Limited has been appointed Regional Head Insurance, North & Central Region effective November 25, 2024. She will also be responsible for providing strategic direction, leadership and oversight for the growth and profitability of the wider Caribbean Insurance business to support the strategic goals of Scotiabank’s Global Insurance business.

Specifically, Lopez Spence will now oversee the markets within Caribbean North and Central, which includes Jamaica, Cayman, Turks & Caicos and Bahamas.

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