Wednesday, November 5, 2008

PCFS commercial banking arm launched

Published: Wednesday November 5, 2008

Pan Caribbean Financial Services (PCFS) officially launched its commercial banking arm with five branches nationwide, targeting an existing 15,000-strong customer base.

Speaking at the launch Pan Caribbean chief executive officer Donovan Perkins said that the 25-year-old financial institution was projecting another year of $1 billion-plus profits, following the $1.2 billion recorded last year. Part of the Sagicor Group Pan Caribbean claims to be the best capitalised bank in Jamaica and pledges to improve upon the level of customer service offered by existing commercial banks.

"Banking is personal again, and you are the reason!" deputy chief executive officer Phillip Armstrong told attendees at a reception held Monday night at the Terra Nova All-Suite Hotel in St Andrew. Armstrong promised that there would be less hassle in applying for one of the new accounts and that interest would be paid daily on each dollar deposited with the bank.

"People are being underserved and what I do think is that there is a lack of good service and I think is where the possibility for us to exploit," he told Business Observer.

The bank has begun holding official launches this fortnight at its branches in Kingston, Ocho Rios, Mandeville, Savanna-la-mar and Montego Bay.

Amid the global financial crisis, PCFS earlier reported mixed financial results for the nine-month period ending September 2008 with 13 per cent growth in revenues to J$5.06 billion compared to last year's J$4.49 billion.

At the end of the third quarter, the group's net interest income grew by 17 per cent to J$1.45 billion, up from J$1.24 billion over the same period last year. However, its non-interest income declined by 14 per cent to J$587 million compared to J$679 million in 2007. Non-interest income comprises its trading activities in fixed income, foreign exchange and stocks, and includes asset management fees from its top-performing Sigma funds, as well as banking-related fees for transactions.

Source: Jamaica Observer

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