Shirley (left) and Wray (right)
THE FIRST Global Group comprising First Global Bank (FGB) and the newly formed First Global Financial Services (FGFS) posted strong results for the year to date. For the period ended September 30, 2004, FGB generated profit before tax of $445 million up from $225 million, a 98 per cent increase year over year. Significant growth was also reported by FGFS which recorded profit before tax of $237 million through September 2004 compared with $36 million reported for the combined companies last year, a remarkable increase of 558 per cent.
Commenting on the results, Don Wehby, deputy chairman of FGB and FGFS and chief operating officer of the Financial Services Division, congratulated Wayne Wray, Sandra Shirley and their staff for their hard work and commitment, which resulted in the outstanding performance of the two entities.
MERGER
He pointed out that FGFS began operating on July 1, 2004 with the merger of Grace Pension Management Ltd., FGB Securities, First Global Stockbrokers and Grace, Kennedy Properties. Since then Mr. Wehby said FGFS had performed extremely well having already achieved many of the merger objectives; these include strengthening the capital base of the bank for future growth and competitiveness, pooling and thus optimising the human resources from within the banking and investment division and improving customer service through an expanded range of services.
PRIORITY TARGET
"I am confident that the group's commitment to continuous improvement and to realising efficiency and cost savings will see us building First Global as a strong Caribbean brand, a priority target for us as we go forward," Mr. Wehby remarked.
As it seeks to provide solutions to enhance product offerings for its customers the First Global Group introduced: www.fgfs.com, the new website from First Global Financial Services. Existing clients can apply for online status, view their investment accounts, and place stock purchase and sale orders on the website.
Money Market Chequing from First Global Bank: The Money Market Chequing account is a deposit instrument which provides the client with a higher rate of return indexed to the six-month Treasury bill rate, but with the flexibility of a demand deposit account.
First Global Bank Online Banking: FGB Online is now offering approximately 1,000 customers the ability to transfer funds between same currency accounts, view real time account balances, and view investment accounts and loans.
