PanTimes
Contents
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Sigma Corporate Run 2012 Exploring your investment options Sagicor Awards Product focus: Business Priority Unit
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Client focus: Lithographic Printers
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Brand Ambassador: Craig Douglas
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Team Member of the Year: Michelle Senior
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Financial year in review
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Philip Armstrong appointed to Board Community focus: Victoria Jubilee Hospital
Financial year in review
PanCaribbean records 11th consecutive year of profits for 2011 Pan Caribbean Financial Services ended 2011 on a high note, recording its 11th consecutive year of improved profits with $1.72 billion in net income, up 13% over 2010. “We are particularly pleased that in a stable yet challenging economy, our team pulled together to produce better profits for the 11th consecutive year in our first full year after the Jamaica Debt Exchange,” said President & CEO of PanCaribbean, Donovan H. Perkins. These results were achieved due to growth in several key areas, including a 7% increase in net interest income (up $193 million) to $2.94 billion and a 25% increase in non interest income from $868 million to $1 billion. Fixed income trading also showed excellent gains during the year. Total assets at year end were $80.2 billion, up 10% and stockholders’ equity increased by $1.3 billion to $12 billion. Earnings per share rose 12% to $3.12 and return on opening equity was 16.2%. Our CEO also praised the commercial bank for adding a record number of new retail clients and making good inroads into the SME market with the Business Priority Unit, launched last January. Additionally, “Our Asset Management Division also performed particularly well this year, adding two new Sigma portfolios - Sigma Venture® and Sigma Corporate®, and ended the year with Optima® out-performing all other Unit Trusts in Jamaica,” he said.
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To cap off the financial year, PanCaribbean won an unprecedented five first place trophies at the annual JSE Awards, including the Governor General’s Award for Excellence and was named company of the year by Investor’s Choice Magazine. Never complacent, PanCaribbean is focussed on its growth targets for 2012. “Every year has its challenges and opportunities. Our customers think very highly of us, and we need to expand this amazing goodwill into more business. The headwinds still remain but I am confident in my team’s ability to continue to advise our clients, finance our customers and identify the opportunities that are there for them,” said Mr. Perkins. Another key area of development will be increasing the brand’s presence across the island. Managing Director of PanCaribbeanBank, Philip Armstrong, indicated that, “Over the last two years, we have seen over 54% account growth at our commercial bank. Through speaking with our customers, we have found that our small branch network has been a limiting factor. We have therefore taken the decision to identify and open a new location in the Kingston Metropolitan Area in 2012 and relocate our existing out-of-Kingston branches to more convenient locations.” “It is our intention to be the best in all market segments that we compete in. It is with enthusiasm and commitment that we embark on being known as ‘the small and medium-sized enterprise bank’,” Armstrong said.
Sigma Corporate Run 2012
Sigma Corporate Run 2012 raises $33 million for Chain of Hope Jamaica The streets of New Kingston and Half Way Tree were alive with the energy of the more than 16,000 Jamaicans who came out to run, walk or wheelchair in support of the 14th annual Sigma Corporate Run on Sunday, February 19. This year’s event has so far raised over $33 million for Chain of Hope Jamaica, which supports the paediatric cardiac programme at the Bustamante Hospital for Children. “The feedback we have received since the Sigma Run has been extremely positive. Persons are still talking about their times and experiences,” said Assistant Manager, PR, Karlene Dennis. Chain of Hope Jamaica is working to create a sustainable paediatric cardiac programme at the hospital to serve as a centre of excellence for the Caribbean. PanCaribbean has committed to equipping the hospital’s 10-bed intensive unit, which will double the current capacity. With the $50 million target still not yet met, PanCaribbean continues to accept donations from individuals and companies that want to contribute to the cause. Contributions can be made via the following PanCaribbean account numbers: J$ - 0210199462 US$ - 0210199470 or international donations (Citibank account number) - 0017588338 (routing # 021000089)
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Financial advice
Exploring your investment options Are you working towards achieving a short- or long-term goal but find that saving alone can’t get you there? Then you should give serious thought to investing. There are a number of factors to consider once you have decided to do so. Here at PanCaribbean, our approach involves interviewing potential investors to ascertain their objectives and risk preference. We also consider their income. Most of the time, people have already assessed their own finances to determine what they will be able to set aside. If your goal is short-term, then you would be best advised to avoid investment options that are aggressive or risky. Stick to plans that are more conservative. However, these generate lower interest rates.
Anthony Howard, Assistant Manager Private Client Services
For the conservative investor, we look at options like repurchase agreements (repos). The minimum amount to start this investment is $100,000, but if this is not readily available, you may employ a strategy which involves accumulating this amount in a saving account and then transferring the funds once the target is achieved. The Repo option enables you to earn interest rates from 3.15% to 5.25% per annum.
Other low-risk, short-term options to consider include 30-day Bank of Jamaica certificates of deposit, with a minimum investment of $1,000,000 of which you have an opportunity to earn rates closer to 6.15% per annum. Treasury bills, which are backed by the government with a maturity of less than one year, also enable you to earn rates above 6% per annum. Treasury bills (T-bills) are available in 30-, 90- and 180-day options and are issued through a competitive bidding process at a discount from par. This means that rather than making fixed interest payments like traditional bonds, the appreciation of the bond provides the returns. Auctions are done once per month.  For medium- to long-term goals, look towards unit trust options. A unit trust is a pooled fund that is managed on behalf of our investors. This gives smaller investors the opportunity to participate in larger market deals. Investment reduces the time frame for achieving your objectives because it allows you to make more money. These are a few of the options you may consider. It is recommended that you speak with your investment advisor to ascertain the options that are right for you and your portfolio.
PanCaribbean also offers a suite of tax-free invest- er than US savings accounts and also provides a hedge against fluctuation in the value of the Jamaiment products through our Sigma Unit Trust: can dollar. This is also a low-risk option. t 4JHNB 4PMVUJPOŒ PáFST B EJWFSTJmFE QPSUGPMJP that invests primarily in fixed income government t 4JHNB 0QUJNBŒ BOE 4JHNB 7FOUVSF BSF IJHI SJTL securities with above-average returns. This is suit- options for the adventurous investor. Sigma Opable for conservative investors because the risk is timaŽ gives you the option to invest in a variety of listed equities, primarily blue-chip Jamaican comvery low. panies. Sigma VentureŽ allows you to take prit 4JHNB -JCFSUZŒ DPNQSJTJOH MPDBM BOE 6OJUFE vate or public equity in emerging and high-growth States dollar debt instruments, offers returns high- companies locally, regionally and internationally.
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Sagicor Corporate Awards
Special feature
Team members, friends and family came out in their numbers to celFCSBUF UIF 4BHJDPS -JGF +BNBJDB 4-+ (SPVQ T CSJHIUFTU TUBST BU UIF TU Corporate Awards on March 15. President and CEO of the Group, Richard Byles, commended the ambition, drive, persistence and passion of the more than 100 ‘stars’ who were being recognised for their outstanding contributions during 2011. “With this talent, Sagicor and PanCaribbean have shown that even in a weak economy, exceptional people and determined companies can survive and even thrive,� said Byles. He had every right to be pleased as 2011 marked the 11th consecutive ZFBS UIBU CPUI 4-+ BOE 1BO$BSJCCFBO IBWF SFDPSEFE JODSFBTFE QSPmUT The team members were just as happy about these successes as they enthusiastically cheered each other on during the ceremony. This was followed by an after-party show headlined by roots singer Tarrus Riley. From Sagicor, 30 team members were chosen for the 2012 Executive Club, 51 persons qualified for the 2012 Million Dollar Round Table, 17 XFSF IPOPVSFE BT -JGF .FNCFST XFSF TFMFDUFE BT $FOUVSZ $MVC members and five were added to the Honour Roll.
The top PanCaribbean stars are: t 5FBN .FNCFS PG UIF :FBS o .JDIFMMF 4FOJPS (SPVQ #VTJOFTT 4VQQPSU Unit t )JHIFTU "DIJFWFS /FX #VTJOFTT 3FWFOVF 1$# o $SBJH %PVHMBT t )JHIFTU "DIJFWFS /FX #VTJOFTT 3FWFOVF 1$'4 o #JBODB /BN t 4UBS PG UIF :FBS o "MUIFB (SBIBN %PMMZ t )JHIFTU 0WFSBMM "DIJFWFS o 4IFMMZ "OO .PSHBO t #SBODI PG UIF :FBS o .POUFHP #BZ t #FTU QFSGPSNJOH UFBN 1$'4 o *OWFTUNFOU 4FSWJDFT
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Business Priority Unit A personal touch to corporate banking
Product focus
working for you, so all of our accounts are interest bearing, from the business accounts to individual accounts, your chequing acDPVOU o FWFSZ TJOHMF BDDPVOU JO UIF CBOL w Clients also demanded convenience and the unit ensures that every customer is assigned a client representative to manage his/her account. “We also have our priority service centre that’s very equipped, very knowledgeable in all our client transactions. We really wanted to give our clients touch points so when they come to the bank they’re not just coming to the bank, but they’re coming to Vanessa, they’re coming to Tamara, they IBWF $PSOFMMB UIFZ IBWF "OO .BSJF o UIBU LJOE PG QFSTPOBMJTFE service where somebody is always accountable,� Waul-Douglas said.
- 3 5IF #VTJOFTT 1SJPSJUZ 6OJU UFBN $PSOFMMB "MMBEJDF .BOBHFS "OESFB Rochester-Wint, E-Services Specialist; Vanessa Williams, Relationship Banker; Tamara Waul-Douglas, Manager and Ann-Marie Smith, Manager
Imagine meeting with a banker to discuss your company’s needs and really being listened to, instead of being made to sit through a sales pitch. That is the principle behind the 14-month-old Business Priority Unit at PanCaribbeanBank, which was developed to meet the needs of Jamaica’s growing small and medium enterprises sector. “The very first thing that they always tell you when you’re doing a sales pitch is that you don’t talk; you let the client talk, because then you get what the client needs instead of just pushing products at them,� said manager Tamara Waul-Douglas. “After you hear what their demands are, you tailor a product or services that meet their needs so that there’s more value to them. Most people don’t have buyer’s remorse when they know exactly what they’re getting and it’s what they wanted.� At PanCaribbean, the emphasis is always on giving the customers what they want and Waul-Douglas and the rest of the BPU team deliver the personal touch often missing from corporate banking. “When we started, we had three approaches to how we would deal with our clients and it was the clients who suggested we do it this way,� she said. “Firstly, your money should always be
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With PanCaribbeanBank offering the fewest and lowest service rates amongst Jamaica’s seven commercial banks, according to a 2010 Bank of Jamaica survey, the Business Priority Unit offers a range of products and services to its approximately 200 SME clients. These include the previously mentioned accounts, where interest is calculated on the average balance daily and paid monthly; cash management solutions; online banking services and loan and lease financing. The unit also refers its corporate clients to Pan Caribbean Financial Services for investment opportunities and retail clients to the commercial bank, offering them additional opportunities to grow their money. Since being established in January 2011, the unit has continued the PanCaribbean tradition of exceeding expectations, recording net deposit growth of $400 million last year, surpassing the set target by 171 per cent. “We had a target of reaching 100 accounts and we opened 148 accounts. Our target for the overdraft facility was $80 million and we brought in $170 million. In terms of our referrals to the investment arm, we didn’t have a dollar figure per se, but we brought in 15 new accounts and over $200 million in new investment,� Waul-Douglas said. Not content to rest on its laurels, the unit is pushing to exceed its current targets by steadily hunting new clients. “We’re not just sitting down waiting for clients to come to us. We pull a lot from our existing client base on the investment side and referrals from existing clients as well. We’re also scouting and shopping around. The pool is out there,� she said. Targets for 2012 include generating $300 million for loans and leases, $150 million for the overdraft facility and a net deposit growth of $500 million. Waul-Douglas is confident the team is up to the task. “So far, we are already doing much better than anticipated,� she said.
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Client focus
Lithographic Printers
-JUIPHSBQIJD 1SJOUFST -UE $&0 Robin duQuesnay
-JUIPHSBQIJD 1SJOUFST -JNJUFE JT B ZFBS PME GBNJMZ CVTJOFTT founded by Anthony duQuesnay. Over the years, it has cemented its place in Jamaica’s business landscape by providing clients with high quality printed products such as magazines, brochures and posters. Accountant Daniel Daley shares the company’s PanCaribbean experience.Â
Based on your experiences, what makes PanCaribbean’s business products and service different from other commercial banks? Representatives are easy to access, whether through switchboard, direct line, cell or even email, and if you are not able to access your rep, someone else is there to assist you with ease. The products vary and the one that comes to mind easily is the wiring of funds to overseas suppliers. The whole process is made easier specifically when it comes to completing those forms.
How long have you been banking with PanCaribbeanBank (PCB)? -JUIPHSBQIJD 1SJOUFST -JNJUFE IBWF CFFO EPJOH CVTJOFTT XJUI PCB for more than 10 years, initially through loan financing and Would you advise other business owners to bank with investment and now with the commercial banking aspect of its PanCaribbean? Why? business. :FT 5P HFU mSTU IBOE FYQFSJFODF PG XIBU B CBOLJOH SFMBUJPOTIJQ is all about on a consistent basis - not good today and bad later. What are some of the benefits you have derived from  this relationship so far? Going forward, what are you expecting from the bank The benefits have been great: great customer relationship, in terms of products and services? prompt response to queries, lower bank charges and easier ac- Going forward, I am expecting PCB’s service to be even better cess. and in regards to their products, they will continue to be innovative, especially in regards to customer needs.
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Branch ambassador
Craig Douglas, Senior Relationship Officer
Craig Douglas Highest achiever in sales Relationship Officer Craig Douglas received the Highest Achiever New Business Revenue trophy at the recent Sagicor Group Awards. He copped the honour for recording the most sales for PanCaribbeanBank during the 2011 financial year. How long have you worked with PanCaribbean and what positions have you held? I have been with PanCaribbean for nine years. I have worked as an officer in the operational unit of Pan Caribbean Financial Services. Now, I am the Senior Relationship Officer with the bank. What functions do you carry out as Relationship Officer? My mandate is to market the bank’s products and provide efficient customer service. From time to time, I go out to various companies to make presentations about the bank’s products. How do you ensure that you provide good service? Teamwork. I follow up on leads and referrals from customers that I have given efficient customer service to.
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How does it feel to receive the award as the Highest Achiever New Business Revenue for 2011 and how did you achieve this? Hard work and persistence pays off. I am very happy with the fact that I have copped the top sales position. I feel a sense of accomplishment because it took a lot of work. Share one interesting aspect about PanCaribbean you have learned in your time at the bank? There is a culture to work hard and achieve corporate goals. We work as a team and we lyme well together, too. What are your plans for 2012 and your future ambitions at the bank? My plan is to surpass the achievement of 2011. To that end, I have set myself personal stretch targets, which I have planned to work on. I have to bring in 300 accounts for the year, so I’ll have to go out and make more presentations. We’re still a relatively new bank; so we just have to make the bank more known to the people.
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Team Member of the Year
Michelle Senior: Committed to excellence
Michelle Senior
Michelle Senior lives by the mantra ‘do it right the first time’ and this dedication to excellence is always evident in the quality of her work. Michelle joined PanCaribbean in 2006 as a branch operations associate, where she was responsible for processing transactions. She was recently promoted to client relationship officer in the private client services unit in Pan Caribbean Financial Services. This past year, she was integrally involved in the successful implementation of the nationwide Automated Clearing House (ACH), which processes cheques and debit and credit transactions between banks. Despite being recently promoted to another department, Michelle took on the responsibility of monitoring incoming and outgoing transfers through the new funds transfer system. She created a seamless flow of communication with internal and external clients, all while ensuring that the process was in
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compliance with the bank’s policies and procedures. This often required going above and beyond the call of duty, but Michelle has always been equal to the task. Doing her job is more than accomplishing one-off feats. It is about personality, dedication and professionalism. She takes pride in her presentation and delivery and her open-minded approach to problem solving. Despite her tight schedule, Michelle still finds time to rally team members whenever events need planning. She also played a pivotal role in ensuring that the Group Business Support Unit’s charity work at the Resurrection Basic School in Duhaney Park was completed before the beginning of the September 2011 school term. Michelle is a tireless worker, a selfless individual and a real asset to the PanCaribbean team. She is truly deserving of the award of Team .FNCFS PG UIF :FBS
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News
Philip Armstrong appointed to PanCaribbean Board 1BO $BSJCCFBO 'JOBODJBM 4FSWJDFT 1$'4 -JNJUFE BQQPJOUFEnj1IJMJQ "SNstrong, Deputy CEO of PCFS and Managing Director of PanCaribbean#BOL -JNJUFE UP JUT CPBSE PG EJSFDUPST PO 'FCSVBSZ According to PanCaribbean President and CEO, Donovan Perkins, Armstrong had already been a regular presence at board meetings, making valuable contributions. “We are delighted to have Philip join the board and leverage his experience within the Group,� he said. Armstrong joined PanCaribbean in 2002. He brings over 18 years of securities, derivatives and financial expertise gained both locally and in /FX :PSL i* BQQSFDJBUF UIF DPOmEFODF UIBU PVS $IBJSNBO %POPWBO and the board have shown in me. I look forward to contributing to the growth of PanCaribbean,� he said.
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Community focus
Victoria Jubilee Hospital: Birthing our nation’s future
ABOUT VJH t 5IF JOTUJUVUJPO XBT DPODFJWFE JO EVSJOH UIF DFMFCSBUJPO PG UIF +VCJMFF Anniversary of Queen Victoria. t *U TUBSUFE PQFSBUJOH JO XJUI CFET *U XBT GPSNBMMZ PQFOFE JO BOE offered maternal services only. t 5IF IPTQJUBM XBT FYQBOEFE UP CFET JO BOE JO XBT BMNPTU entirely reconstructed and expanded to house 164 beds. In 1980 it was further expanded when a completely new wing was added. t 5IF DVSSFOU CFE DPNQMFNFOU JT BEVMUT BOE JOGBOU DPUT t *U JT UIF MBSHFTU NBUFSOBM SFGFSSBM IPTQJUBM JO +BNBJDB BOE UIF &OHMJTI TQFBLJOH Caribbean. It is classified as a specialist hospital dealing with maternal and gynaecological care. t *U JT BMTP UIF USBJOJOH JOTUJUVUJPO GPS NJEXJWFT GPS UIF FOUJSF JTMBOE
Kingston’s Victoria Jubilee Hospital (VJH) is a national institution and for many of you reading this, it was probably also the place where you were born. For others among you, it’s their Neo Natal Care Unit that inspired you to run, walk, wheelchair or donate towards the 2011 Sigma Corporate Run. Matron Valrie Smalling
For the hospital itself, your efforts and those by the organising team at PanCaribbean could not have been more appreciated by the hospital’s 600 staff members. After all, approximately 50 per cent of babies born in Jamaica today were born at VJH, so we can all take great satisfaction in having made such a contribution to our nation’s future: 14,728 good corporate citizens helped to raise $15,258,000! “The staff is quite ecstatic because of the technological advancement of the machines, the increased numbers of equipment available to serve more patients and the fact that their ability to perform duties in an effective manner has been significantly enhanced,� Godfrey Boyd, VJH’s chief executive officer and regular Sigma participant, told PanTimes on a recent visit. Boyd explained that the donation could not have been timelier, given that demand on the hospital’s services is growing at a staggering 10 per cent each year. “There is a great demand for health care services as we see in excess of 70,000 patients and deliver approximately 8,000 newborns each year. We perform 430 surgeries annually,� he said. “Health seeking behaviours among the Jamaican population has improved significantly and so more people are seeking treatment in
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the public health sector. Particularly, as our services improve, we have seen the demand grows each year, by 30 per cent over the last three years.� A total of 137 items were purchased with the Sigma proceeds, including life-saving equipment such as incubators, monitors and resuscitators. However, the hospital needs to raise further funds to purchase a list of important equipment: x-ray machines, delivery beds, vital signs monitors and more. “The new machines that we received have served as replacements for some machines, while some of them are an addition to the present complement which has enabled us to treat more patients, and others are an enhancement of the existing complement of equipment,� said Boyd. Besides seeking to acquire the additional equipment, the hospital is also working creatively to accommodate the growing number of patients by reorganising its neonatal, delivery and labour services. “My staff and myself as CEO of the hospital, take great pleasure and indeed see our service as a humbling experience to be able to contribute to the development of the nation’s health sector. It is a very rewarding experience to know that we are a part of one of the most critical steps in the cycle of life and our goal is to ensure that each child is given a healthy start in life, in addition to providing maternal and gynaecological care of the highest quality,� he said.
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PanCaribbean Building 60 Knutsford Boulevard, Kingston 5 Tel: (876) 929-5583-4 options@gopancaribbean.com
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