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Financial News

Aug 2009 Financial News

Capital & Credit moves CCSL to cut costs

Aug 24, 2009

Capital & Credit Securities (CCSL), a subsidiary of the Capital & Credit Financial Group, will in October move its head offices from Trafalgar Road to the RKA building on Grenada Way in New Kingston, a company official disclosed to Sunday Finance on Friday.

Michelle Wilson-Reynolds, senior vice-president - group marketing and corporate affairs, said the move is the second phase of the company's restructuring exercise to procure greater efficiencies and cut overhead costs. Capital & Credit relocated its remittance business, Capital & Credit Remittance (CCRL), earlier this year from 52 Grenada Crescent to its group headquarters on St Lucia Avenue. CCSL will be moving to the same building as sister company, Capital & Credit Merchant Bank, and will be located on the ground floor.

"We had four separate locations for CCRL, the Merchant Bank, the group offices and CCSL," explained Wilson-Reynolds. "It doesn't make any sense in these days of creating greater efficiencies, so what we are doing is consolidating.

"This is something that we had planned to tell our (CCSL) customers," she added. "We are hoping to bring them here by October."

Capital & Credit Financial Group has seen its bottom line impacted by the global recession. The Group posted net profit of $60.45 million during its second quarter ending June 30, 2009, a 55 per cent decline from the $137 million it reported for the comparative period in 2008. According to the financial report, the group was mainly impacted by increased non-interest expense and fallouts in the remittance and broker dealer business lines.

Article by: Julian Richardson
Source: Jamaica Observer
Date Published: Sunday, August 23, 2009