Maybe by exception. The guys here love these grounding questions so you should get a better answer.
2005 NEC, 250.64 C. The GEC is installed continuous, but a busbar termination is allowed between the GEC and a jumper from the busbar to the electrode. Minimum size of the common grounding busbar is given as 1/4" X 2" which is larger than most residential panelboard grounding busbars.
If the run from the electrode landed on the same busbar as the system bonding jumper, you would be Ok. I believe your question relates to the SBJ being in the other enclosure, the meter main, and you're asking about a compliant splice of the GEC on the grounding busbar in the subpanel. The subpanel busbar is probably too small for a compliant splice by exception in 250.64 C.