Apr 2008 Financial News

NCBJ Limited – NCB restructures to achieve greater strategic alignment

Apr 24, 2008

The following press release was received from National Commercial Bank Jamaica Limited

The National Commercial Bank Jamaica Ltd. (NCB) has announced the re-structuring of its operations to more closely align certain aspects of its business. Effective March 18, 2008 NCB Insurance Company Limited (NCBIC), which manages the insurance and pension and investment management activities of the Group will be an arm of the wealth management segment. Ann Marie Hamilton, Vice President of Operations for NCBIC has been appointed Acting General Manager and will report to Christopher Williams. Mr. Williams is currently the Managing Director of NCB Capital Markets Ltd and he will assume overall responsibility for the Wealth Management segment.

In commenting on the wealth management re-alignment, NCB Group Managing Director, Patrick Hylton said that NCB is seeking synergies in its operations to meet changing customer needs, “Omni, the NCBIC’s flagship brand, is aligned with our other wealth management products and we want to maximize that strategic fit. The pension and investment management businesses are important growth areas for the group and we intend to intensify our focus to maximize our business opportunities. By consolidating our wealth management activities, existing and emerging customer needs can be better served.”

The other area of re-structuring is International Business, which takes effect March 20. This division has been overseeing the group’s remittance operations in Grand Cayman, the United Kingdom and Jamaica. The remittance activities in these territories remain unchanged and will now report into the Retail Banking Division, which is headed by General Manager, Courtney Campbell. Mr. Hylton pointed to the benefits of having Retail Banking assume this role, “incorporating remittances under Retail Banking will bring about further advantages by allowing us to better leverage our existing operating framework for service delivery.”

In light of the restructuring, Ingrid Chambers, Managing Director of NCBIC and Mr. Chris Stokes, General Manager for NCB International Business will demit office March 18 and 20 respectively. Mr. Dennis Cohen, Deputy Group Managing Director continues to have oversight of Wealth Management, Retail Banking, Corporate Banking, and Treasury segments of the group’s business.


Source:
The Trinidad and Tobago Stock Exchange
Wednesday April 23, 2008