Wehby and Orane GRACE, KENNEDY & Company is expanding into running its own commercial bank and has signed a Memorandum of Understanding to buy the 51 per cent of Trafalgar Commercial Bank (TCB) shares it does not already own from Trafalgar Development Bank.
Joe Taffe was appointed acting general manager until a managing director is recruited.
An internal memorandum obtained by Wednesday Business signed by Don Wehby, Grace's director of financial services on Friday, said that Grace signed a MOU. "This will bring our shareholding in TCB to 100 per cent." Mr. Wehby confirmed the move yesterday but declined to comment further.
Grace will now run the bank, in which it had previously held a passive holding of 49 per cent.
Grace chairman and chief executive Douglas Orane is expected to be appointed chairman, while Mr. Wehby is likely to become deputy chairman, according to company sources.
"Trafalgar Commercial Bank will therefore become a wholly owned subsidiary of Grace, Kennedy & Company. The acquisition is subject to the approval of the Bank of Jamaica and the Minister of Finance", according to the memo. The acquisition is in line with the strategic objectives of the financial services division to offer expanded services and products to customers.
