Jun 2013 Financial News

Sagicor Bank is on the move

Jun 05, 2013

Pan Caribbean Financial Services last year became Sagicor Investments Jamaica Limited with its commercial banking subsidiary, PanCaribbeanBank, renamed Sagicor Bank Jamaica Limited. The move was to strategically align both subsidiaries with its parent company, Sagicor, and the new names were officially adopted during December 2012.

With the rebranding exercise, they were able to strengthen their relationship with the Sagicor Group. In effect, their suite of products and services are now enhanced by greater name recognition. According to Lisa Walker, assistant manager, sales and investment services, as a commercial bank, Sagicor Bank is well suited for both business and retail customers, offering services that both groups of customers need.

"In addition to current and savings accounts, debit cards and other standard banking services, Sagicor Bank offers PriorityMe - a low entry-level current account with a built-in savings component, a 9.95 per cent auto loan facility and interest-bearing current accounts. We also have many benefits not offered at any other commercial bank," Walker said.

Sagicor Bank has five branches islandwide, access to the MultiLink ATM network, and a robust Internet banking platform that is well equipped to handle both its current, and anticipated larger customer base. "It is easy to sign up with the bank. Fees and charges are minimal and we offer online banking transactions and transfers. It is easy to do business with us," Walker said.

The current Sagicor Bank started as Manufacturers Sigma Merchant Bank Limited before merging with Pan Caribbean Financial Services, to be rebranded PanCaribbean Merchant Bank. In 2008, the bank converted from a merchant bank to a commercial bank and took on the name PanCaribbeanBank.

The Group

Across the group, which includes Sagicor Life, Sagicor Investments and Sagicor Bank, new products and services will also be rolled out as an extension of the rebranding exercise.

The PanCaribbean Group has a total of 1,627 shareholders and has a current market value close to J$12 billion. In 2012, CariCRIS, the Caribbean's Regional Credit Rating Agency, reaffirmed PanCaribbean's jmA+ credit rating for the fifth consecutive year.

PanCaribbean was awarded an unprecedented five Jamaica Stock Exchange Best Practices Awards in 2011, winning first place for Annual Report, Dealers Investor Relations, Dealers Revenue Generation and Market Activity, Corporate Disclosure and Investor Relations, and the prestigious Governor General's Award for Excellence.

PanCaribbean was also named Company of the Year (2010) by Investor's Choice Magazine.

For more information, call: 1-888-SAGICOR or visit sagicorbankja.com.


Source:
Keisha Hill, Gleaner Writer
keisha.hill@gleanerjm.com
Jamaica Gleaner
Wednesday June 5, 2013

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