Susan Gordon, Business Writer

Martin

The Capital and Credit Financial Group which only a week ago, opened a new branch of Capital and Credit Securities Limited (CCSL) in Ocho Rios, said it plans to establish a branch of its merchant bank at the same location.

Deputy president of Capital and Credit Financial Group and President of CCSL, Curtis Martin, said the company has already made its application to the Bank of Jamaica for the establishment of the new bank.

Martin said the group's expansion to St. Ann was was strategic as it saw Ocho Rios as one of the areas where it could successfully increase its retail business.

"We have for a considerable time wanted to expand our footprint within Jamaica, as we only had physical locations in the cities of Kingston and Montego Bay," said Martin.

Greater access

"This move gives us greater access to individual and institutional clients in a number of parishes and opens up the possibility of offering all the products and services of the group of companies from Ocho Rios."

Martin said the new bank would be the launch pad for its internet banking service.

He adds that e-banking products, retail loans, and fee-based products were expected to drive the market in that region.

"We are going for the high value business - forex trading, including cambios and security dealers," he said.

The new CCSL office is located at 8 Main Street Ocho Rios, on premises leased by the company.

At present, six persons are employed there, with another three to four staff anticipated when the merchant bank comes on stream.

The Ocho Rios branch is expected to offer stockbroking, international bond accounts, financial planning and investment advisory services, portfolio and pension-fund management, money management accounts and unit trust or mutual- funds services.

susan.gordon@gleanerjm.com