Sep 2014 Financial News

Jamaica firm opens T&T office

Sep 18, 2014

Jamaican financial giant NCB Group is looking to T&T’s positive economic outlook to strategically and consistently improve its profits while generating new wealth for its shareholders. Steven Gooden, CEO of NCB Capital Markets, said the company recognised the opportunities available locally and the decision to invest in this market is sign of its commitment for the long term.

Gooden said because of the acquisition of AIC Finance Ltd in December 2013, NCB Group was able to enter this market. With rebranding now complete, NCB Global Finance Ltd, headed by Angus Young, is now part of a respected and stable financial institution.

Speaking at the launch of NCB Global Financial Ltd at its Ariapita Avenue, Woodbrook office, Gooden said: “The strength of National Commercial Bank Jamaica Ltd in the recent regional bench marking makes us highly competitive in performance with year to date nine month net profits of US$81.4 million and assets of US4.5 billion as at June 30, 2014. 

“The economy is embarking on a path of sustained growth after the recent global economic crisis and the outlook for the twin-island state is positive. NCB recognises the opportunities in the T&T market and its alignment with our mission to develop our Caribbean people and communities.”

He added: “Economic growth was estimated at 1.6 per cent in 2013 and the IMF expects growth to increase to 2.3 per cent in 2014. Inflation is trending down and the banking system appears sound. Profitability has recovered from cyclical lows and credit growth has been stable. Data as at May 2014 indicate that over the last four years, total consumer loans have increased at a compounded annual growth rate of 7.5 per cent, while interest rates have remained low which has helped to stimulate activity in the credit markets.”

Citing recent business confidence reports which indicate that large firms have the strongest expectation of increasing capital investments within the next several months, Gooden said this augured well for the company.

“NCB Global Finance is therefore part of an institution of world class repute and will continue to provide and enhance its services keeping with the high expectation of customers. To reinforce our strength, NCB Capital Markets, the wealth management and investment banking arm of the NCB Group, which acquired NCB Global Finance, is a strong brand and in fact, just celebrated the award of Best Investment Management Company for the Caribbean 2014. The win makes it two in a row for us, having received the award last year,” he said.

“This award, which is made by the internationally acclaimed World Finance Magazine, positions us as a globally recognised top performer and signals the level of service associated with the brand,” he added.

Source:
Sean Nero
Trinidad Guardian
Thursday September 18, 2014

http://www.guardian.co.tt/business/2014-09-18/jamaica-firm-opens-tt-office