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Updated: 19-04-2024 - 12:00PM   3 8 CLOSED

Financial News

Sep 2009 Financial News


Sep 14, 2009

National Commercial Bank (NCB) will next month consolidate five of its agencies into their larger parent branches in a move the bank hopes will enhance operating efficiency across its branch network.
In a press release last week, NCB announced that the Buff Bay, Lionel Town, Grange Hill, Spanish Town Road, and Yallahs agencies will merge into the Annotto Bay, May Pen, Savanna-la-Mar, Hagley Park Road, and Morant Bay full-service branches, respectively. All agency employees will be absorbed into the NCB branch network, the company noted.
Agencies differ from branches, in that they are smaller and do not facilitate investment and some banking services; they primarily process savings withdrawals, cheque encashments and deposits.

NCB deputy group managing director, Dennis Cohen, explained that the firm consistently reviews the performance of all its service delivery channels and as is seen appropriate new locations are added to the network, as was the case last year with the new Port Antonio branch.
"Notwithstanding the fact that we are achieving record profits, the current economic climate demands that we aggressively maintain the highest level of operational efficiency in order to consistently meet and exceed our targets. As such, we have weighed the customer benefits of the wider range of services available at the existing full-service branches against the limited financial services and increasing operating cost of the agencies and could no longer justify maintaining the locations," stated Cohen.
In response to a query on how NCB planned to maintain a presence in the former agency communities, Audrey Tugwell-Henry, NCB senior general manager - Retail Banking Division, said "We will ensure that ABMs are accessible in secure and convenient locations within the environs of the closed agencies to ensure that we can continue to facilitate most day-to-day banking schedules of the affected customers."
"Our Sales Team will continue to make calls on the customers in these communities as we continue to meet their banking needs. We continue to contribute to the development and enrichment of the communities in which we serve through our philanthropic endeavours," she added.

Source: Jamaica Observer

Date Published: Sunday, September 13, 2009