Financial Services



Recent Items about: Financial Services

National Commercial Bank Nets J$8.6b For The 9 Months Ending June 2015. Declares J$0.45 Dividend

National Commercial Bank

Earnings

JMMB Goes To The Bank. Raises J$2.2 Billion In Private Placement

Funding & Private Placement

Market Update: Scotia Promotes Hugh Wayne Powell To Oversee Caribbean Retail & Small Business Portfolios

Scotia Group Jamaica Limited today advised the stock market that that Mr. Hugh Wayne Powell, Executive Vice President, Retail Banking has been appointed to the position of Head of Retail Delivery, English Caribbean Region, with The Bank of Nova Scotia, Toronto, Canada effective February 18, 2014. Mr. Powell will be responsible for the growth and profitability of the Retail and Small Business portfolios managed through eighteen countries within the English Caribbean Region.

Jamaica Stock Exchange Welcomes BCW As 12th Member Dealer

Business Strategy

I Bought The JMMB 7.25% Or 7.50% Preference Shares. Now What?

e-Update, Investing

JMMB Still Solid. Overseas Performance Boosts Profit

JAMAICA Money Market Group’s (JMMB’s) operations in the Dominican Republic saw its operating profit increase more than tenfold. Gains on securities trading was the main reason behind an increase in earnings from $33.6 million during the three months to June 30, 2012, to $390 million in the corresponding quarter this year (June 2013). Continue Reading

Earnings, News Ticker

Berisford Grey Back At CIBC, But This Time In A Bigger Role

Earlier this year we reported that Scotia Investments was loosing its heavy weight dealmaker Berisford Grey. Now it is official that he is back ‘home’, where he was, before he came to Scotia Investments in 2011.

The Jamaica Observer is reporting that ‘CIBC First Caribbean confirmed that Grey started this Monday in Jamaica as executive director of investment banking. His remit will span the English and Dutch speaking Caribbean.’ Continue Reading

Management & Movements

Over 11,000 Pawn Shops In The US, With Average Loan Size Of US$150

Continued Growth in the Pawn Industry. Loan Size Up 88% To US$150 Since 2008

In Michigan and many other states, pawn customers pay a maximum interest rate of 3 percent per month. Of course, a 3 percent interest rate works out to a 36 percent annual rate. A typical rate can be much higher in unregulated states — about 10 percent for a 30-day loan, according to National Pawnbrokers Association spokesman Emmett Murphy.

Continue Reading

Business Insight

Market Update: Scotia Group Jamaica Appoints First Female President & CEO

Scotiabank Jamaica has announced some top-level management changes.

In a release, they stated that, At a board meeting today (August 7, 2013), the directors of Scotia Group Jamaica Limited appointed Mrs. Jacqueline (Jackie) Sharp, currently Executive Vice President, Chief Financial Officer and Chief Administrative Officer, as President & Chief Executive Officer of the Company effective September 1 2013.  Continue Reading

Management & Movements

Sagicor Morphes Into Mega Group Structure

Sagicor Bank - 2012 Annual Report

Business Strategy, Mergers and Acquisitions

Sagicor’s Sale Of European Subsidiaries To Net £15 Million

Sagicor Financial Corporation is currently entertaining healthy discussions with AmTrust Financial Services surrounding the sale of their European arm Sagicor Europe Ltd (SEL) and its associated subsidiaries. The Trinidad Express reports that ‘SEL is a Cayman Islands — domiciled holding company and the sale also includes a reinsurance entity’. Continue Reading

Business Strategy, News Ticker

Guardian Holdings One Of The Caribbean’s Largest Insurance Companies Rebrands

The New Guardian Group Logo

Business Strategy, Marketing Sponsorship Endorsements

Singapore Based Pawnbroking, Jewellery & Watch Trading Company ‘MoneyMax’ Goes Public

Logo of Singapore Based Monemax Financial Services

e-Update, Stocks / I.P.O.s

The JSE’s Most Expensive IPO Ever (That You Almost Never Heard About). Eppley Ltd @ J$377 Per Share!

Eppley Ltd Logo

e-Update, Stocks / I.P.O.s

VM Wealth, BCW Collaborate To Raise US$7.5m To Help Hispanics

AP Capital Partners, a United States-based private equity firm, has named Victoria Mutual Wealth Management Limited as arranger for a deal to raise US$7.5 million from Jamaican investors.

The funds will be used to invest in the expansion of New Futuro, a private business headquartered in Chicago, which operates a social networking website targeting young people in the Hispanic community in the United States.

BCW Capital is collaborating with VM Wealth to raise the funds

Business Investments, Business Strategy, News Ticker

Wooa! Half a Billion J$ Loss From Sagicor Investments For Q1 2013

Sagicor Bank - 2012 Annual Report

Earnings

NDX2 Valued at J$25 Billion

Three of a reported eight financial companies have said they will participate in a second round of the National Debt Exchange to help the Government plug a shortfall in the funds needed to drive down its debt-servicing costs.

The three institutions which have already indicated their willingness in participating are Scotia Group Jamaica, National Commercial Bank Jamaica and GraceKennedy Ltd (parent of First Global Financial Services), while the other five institutions are Sagicor, JMMB Group, Jamaica National Building Society, First Global Financial Services (subsidiary of GraceKennedy), Victoria Mutual Building Society and Guardian Life Limited.

Macroeconomic, News Ticker, Tax, Rates, Debt

NCB Reports $7 Billion Participation In Private Debt Exchange

On Mar 28, 2013 the National Commercial Bank reported its participation in a private debt exchange, organized subsequent to the publicly announced National Debt Exchange to plug an additional estimated J$25 billion shortfall in funds needed to reduce the government’s debt bill. This Private Debt Exchange (called in some circles as NDX2) was done with some of the major holders of government securities.

NCB reported that;

National Commercial Bank Jamaica Limited and its subsidiaries exchanged in aggregate approximately J$7 billion of Government of Jamaica securities in the private debt exchange. The securities were exchanged for other securities with lower coupons and different maturity dates.

The company expects an adverse impact during the current financial year (ending September 30, 2013) on the company gains on foreign currency and investment activities, and interest income from securities held. Given that the coupons on the securities offered were higher than those on the securities received after the exchange, if the company continues to hold the securities received, the interest earned on them would continue to be lower until those securities mature. There may, therefore, continue to be an impact on the interest earned in future years, though there are greater uncertainties around predicting the impact that will be experienced in the future years. Of course, this does not take into account the positive impact of mitigating measures and the overall impact of the change in the environment which has happened, and is still happening, in the context of the NDX and the recent private exchange. We do not anticipate that there would be any material impact on capital.

Macroeconomic, News Ticker, Tax, Rates, Debt

IMF Wanted 25% Haircut On Debt, Says Byles; NDX Seen As Lesser Of Two Evils

The Jamaica Gleaner is reporting that “Big bank Scotia Group Jamaica and top insurer Sagicor Life Jamaica have separately announced an acceptance of the Government’s debt exchange in order to effectively avoid what one called an IMF-imposed haircut.”

The Gleaner reports;

The NDX agreement is seen as more attractive to what would have been a IMF-imposed haircut of 25 per cent on all bonds, said Sagicor Life President and CEO Richard Byles at a Sagicor Breakfast Forum on Friday [Feb 15, 2013] at Terra Nova Hotel in New Kingston. It would have slashed debt to GDP from 140 to 110 per cent, he added.

Macroeconomic, News Ticker, Tax, Rates, Debt

JMMB’s Participation in The NDX – J$58.3 Billion

JMMB and its subsidiaries exchanged in aggregate approximately $58.3 billion of Government of Jamaica securities in the recently concluded National Debt Exchange (NDX). JMMB reported that there are additional factors which have impacted the Company’s position, some of those factors along with prior actions will mitigate the negative effects of the NDX. As a result, the net effect on JMMB Group’s capital is not significant.

Macroeconomic, News Ticker, Tax, Rates, Debt