Aug 2010 Financial News

First Global cuts rates too

Aug 06, 2010

First Global Bank (FGB), Jamaica's smallest domestically controlled commercial bank, has joined its larger peers in slicing lending rates.

The two percentage-point cut drops the bank's base rate to 18.75 per cent, effective September 1.

First Global is owned by conglomerate GraceKennedy Limi-ted. When the total commercial banking sector is factored, First Global, with an asset base of J$28 billion and loan portfolio of J$10 billion at March 2010, is No. 5 of seven operations, outdoing Citibank NA and PanCaribbeanBank Limited in size.

"The decision was made in response to a reduction in market interest rates and FGB's commitment to provide our customers with affordable solutions to meet their personal and financial goals, while stimulating the economy," said a company release quoting new bank president Maureen Hayden-Cater.

First Global's announcement came on the same day that the Bank of Jamaica implemented its latest adjustment on policy or signal rate, having announced the 50 basis-point cut Tuesday, taking the price on its 30-day instrument down to 8.5 per cent.


Source:
business@gleanerjm.com
Jamaica Gleaner
Friday August 6, 2010

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