Wehby GRACE, KENNEDY & Company Ltd., was yesterday given approval by the Minister of Finance, Dr. Omar Davies to acquire the 51 per cent shareholding in Trafalgar Commercial Bank (TDB) hitherto held by TDB.
This announcement was by Grace, Kennedy's Finance Director, Mr. Don Wehby who pointed out that this brings his company's shareholding in TCB to 100 per cent. "TCB will therefore become a wholly owned subsidiary of Grace, Kennedy & Company Ltd.," he said.
Mr. Wehby said that the Minister's approval opened the way for the management of TCB to begin the process of creating a modern banking facility which will be underpinned by the Grace, Kennedy traditional values of honesty, integrity and trust.
The Bank which will be a part of Grace, Kennedy's Financial Services Division already has a new managing director. He is Mr. Andral "Jack" Shirley a well known and highly respected banker, formerly of National Commercial Bank(NCB) with over 35 years of experience covering all facets of banking with extensive local and overseas training.
Mr. Shirley will be a member of a newly appointed Board of Directors comprising: Douglas Orane, Chairman; Don Wehby, Deputy Chairman, Adrian Wallace, Director, Grace, Kennedy & Com-pany Ltd.; Joseph Issa, Executive Vice President of SuperClubs; Gordon Shirley, Professor, University of the West Indies; Orville Walker, retired General Manager, Commercial Credit - Bank of Nova Scotia Ltd.; and Beverly Lopez, president, Jamaica Export Association. Two other directors are to be appointed.
Grace, Kennedy's chairman and chief executive officer, Senator Douglas Orane said: "This acquisition is consistent with the Grace, Kennedy Group's increasing expansion into services, as part of our 2020 Vision. At this point in time, over half of the groups' profits originate from service businesses and this is expected to increase further."
