By Janet Silvera, Gleaner WriterWESTERN BUREAU:
IN A move designed to reposition First Global Bank and its allied businesses in Montego Bay, Grace, Kennedy's chairman Douglas Orane has unveiled an ambitious plan which his company hopes will bring wealth to the coffers of businesses operating in the western city.
"We want to make you wealthier in a safe and secure environment," Mr. Orane told members of the city's business community as he addressed them at a cocktail reception last Thursday at the Wexford Court Hotel.
"We recognise that there is a tremendous amount of energy, entrepreneurship and growth here in western Jamaica."
Grace, Kennedy already has substantial investments in Montego Bay. Its present investments include two Hi-Lo Basix supermarkets, Rapid and Sheffield, Agro Grace, and the Jamaica International Insurance Company. First Global Bank, which has been a success story for the Grace, Kennedy group, since it was acquired two years ago, opened its doors in the resort town in October 2003.
"First Global has truly been one of the success stories of Grace, Kennedy," said Don Wehby, chief financial officer for Grace, Kennedy.
"When we bought the bank two years ago, the bank made $1 million in profits."
MILLIONS IN THE BANK
To date the bank has made some $230 million in pre-tax profits and now manages $10.5 billion through its innovative Internet banking, which it offers free of cost to its customers.
Mr. Wehby accredits the groups' financial services successes, which contributes to less than 40 per cent of Grace, Kennedy's pre-tax profits, to the high quality products and services it offers at competitive rates. Mr. Orane said his company's newest undertaking will offer Montegonians the opportunity to properly manage their investments through a strategic alliance formed with the Ray Chang-led CI Funds of Canada.
"This alliance brings a much wider variety of investment alternatives, within an atmosphere that offers tremendous advantage of product development, marketing, administration and information technology, which CI Funds has the depth and size to assist us with," Mr. Orane said.
He said the vehicle to be used in promoting the Fund to investors is Grace, Kennedy Capital Services Limited, their mutual fund management company domiciled in Grand Cayman, which manages the Grace Caribbean Fixed Income Funds.
