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The Scotiabank Private Client Group office openee on May 22 with Alan Jenkins as the managerf and nineother employees. His Scotiabank Senior VP and head of wealth managementrDan Wright, said the office would servre the bank’s customers throughout Latin American and the Caribbean, where Scotiabanjk is one of the islands’ largesf banks. The Miami office is for non-U.S. residents It will offer wealth management, deposits in U.S. dollars and which can be used for purchasez insidethe U.S., Wright said. With more than $513 billioh in assets and 12.8 million customers on April 30, Scotiabankk has offices in 19 Caribbeanb nations and eight countries inLatim America.
Its private client group has office s in 10 Caribbean nations with expansiojn into five more countrieson deck. Scotiabank’s high net worthu clients have average investables assets of morethan $1 million, Wright “A lot of our high-net worth clientsd want U.S. dollar financial for vacatiohn properties, second or thirf homes and linesof credit,” Wrighr said. Operating an international bank in the United States is very expensive because of all the regulatioj here relative to Caribbeam and LatinAmerica nations, so Scotiabano must see a strong upside to the profit from wealthn management, said Miami-based banking analyst and economist Kenneth H.
In times of political crisis inSouthg America, foreign bank deposits in Miami generally increasd because wealthy foreigners want to protect their Thomas said. “If they lose everything there, it’s not a Fidel Castro-type wipeout,” Thomazs said. “It’s their version of a Swisxs Bank account.” John the president-elect of the Florida InternationalBanking Association, said Scotiabank’as selection of Miami is great news because many foreign banksz have been bypassing the area as a hub in favotr of Panama. He said regulation has chased many of them away from theUnitee States.
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