First Global cuts rates too
Published:Friday | August 6, 2010 | 12:00 AM
First Global Bank (FGB), Jamaica's smallest domestically controlled commercial bank, has joined its larger peers in slicing lending rates.
The two percentage-point cut drops the bank's base rate to 18.75 per cent, effective September 1.
First Global is owned by conglomerate GraceKennedy Limi-ted. When the total commercial banking sector is factored, First Global, with an asset base of J$28 billion and loan portfolio of J$10 billion at March 2010, is No. 5 of seven operations, outdoing Citibank NA and PanCaribbeanBank Limited in size.
"The decision was made in response to a reduction in market interest rates and FGB's commitment to provide our customers with affordable solutions to meet their personal and financial goals, while stimulating the economy," said a company release quoting new bank president Maureen Hayden-Cater.
First Global's announcement came on the same day that the Bank of Jamaica implemented its latest adjustment on policy or signal rate, having announced the 50 basis-point cut Tuesday, taking the price on its 30-day instrument down to 8.5 per cent.