Susan Gordon, Business Reporter

Senior vice-president for wealth management and investment at Scotiabank, Anya Schnoor, addresses journalists at a press briefing to present the bank's third quarter financial results at Scotiabank Centre, downtown Kingston, recently. - Norman Grindley /Deputy Chief Photographer

Jamaica's largest com-mercial bank, Bank of Nova Scotia Jamaica Limited (BNS), purchased property at 132 Constant Spring Road, in St. Andrew, in June, on which it plans to build another branch and, more importantly, house its fledgling wealth management unit.

The Financial Gleaner has been reliably informed that the property estimated at just under half an acre, was acquired for US$1.56 million (J$101.4 million) by BNS.

The site was home to a McDonald's fast food outlet prior to the franchise holders finally shutting down operations here.

The structure that was on the property has been demolished and the land secured with chain-link fencing.

The owner off-loaded the pro-perty in June after purchasing it for $36 million in 2005 from juice company, Wakefield, which apparently was leasing the property to the operators of McDonald's.

BNS confirmed to the Financial Gleaner that it had in fact bought the property, but was tight-lipped about the price and other pertinent details of the plans for the property.

"We have bought the property. We are intending to use it for our wealth management services," said Simone Hull, public relations specialist at BNS, underscoring that BNS was also to build a regular branch there.

Scotiabank's wealth manage-ment unit, headed by Anya Schnoor, is presently housed at BNS' corporate headquarters in downtown Kingston.

Scotiabank's new focus on wealth management targets investors of high net worth, the bank announced last month at a press conference on its interim financial. Just Just two days ago, it started its series of public fora in Portmore, St. Catherine, to make customers more aware of its products.

The bank's interest in acquiring controlling interest in the financial company Dehring Bunting and Golding Limited (DB&G) falls within its plans to step up its wealth management focus.

susan.smith@gleanerjm.com