PanTimes

Financial year in review

Sigma CorporateRun 2012

Exploring your investment options

Sagicor Awards

Product focus: Business Priority Unit

Client focus: Lithographic Printers

Brand Ambassador:Craig Douglas

Team Member of theYear: Michelle Senior

Philip Armstrong appointed to Board

Community focus:Victoria Jubilee Hospital

Contents

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PanTimes

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 in-come, 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 PanCarib-bean, 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, add-ing 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.   

To cap o" the financial year, PanCaribbean won an unprecedented five first place trophies at the annual JSE Awards, including the Governor Gen-eral’s Award for Excellence and was named com-pany 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 opportu-nities that are there for them,” said Mr. Perkins.

Another key area of development will be increas-ing 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 enthusi-asm and commitment that we embark on being known as ‘the small and medium-sized enterprise bank’,” Armstrong said. 

Financial year in review

PanTimes

Sigma Corporate Run 2012raises $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 paedi-atric cardiac programme at the Bustamante Hospital for Children.

“The feedback we have received since the Sigma Run has been ex-tremely positive. Persons are still talking about their times and expe-riences,” 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 excel-lence 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 contin-ues 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)

Sigma Corporate Run 2012

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PanTimes

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 in-vesting.

There are a number of factors to con-sider once you have decided to do so. Here at PanCaribbean, our approach involves interviewing potential inves-tors 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 invest-ment options that are aggressive or risky. Stick to plans that are more con-servative. However, these generate lower interest rates.

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 clos-er 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 op-tions and are issued through a competi-tive 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 be-half 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 al-lows you to make more money. These are a few of the options you may con-sider. It is recommended that you speak with your investment advisor to ascer-tain the options that are right for you and your portfolio.

PanCaribbean also o"ers a suite of tax-free invest-ment products through our Sigma Unit Trust:

that invests primarily in fixed income government securities with above-average returns. This is suit-able for conservative investors because the risk is very low.

States dollar debt instruments, o"ers returns high-

er than US savings accounts and also provides a hedge against fluctuation in the value of the Jamai-can dollar. This is also a low-risk option.

options for the adventurous investor. Sigma Op-tima® gives you the option to invest in a variety of listed equities, primarily blue-chip Jamaican com-panies. Sigma Venture® allows you to take pri-vate or public equity in emerging and high-growth companies locally, regionally and internationally.

Financial advice

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Anthony Howard, Assistant Manager - Private Client Services

PanTimes

Sagicor Corporate Awards

Team members, friends and family came out in their numbers to cel-

Corporate Awards on March 15.

President and CEO of the Group, Richard Byles, commended the ambi-tion, 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

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

members and five were added to the Honour Roll.

The top PanCaribbean stars are:

Unit

Special feature

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PanTimes 8

PanTimes

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 Busi-ness Priority Unit at PanCaribbeanBank, which was developed to meet the needs of Jamaica’s growing small and medium en-terprises 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 prod-ucts 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 custom-ers 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

working for you, so all of our accounts are interest bearing, from the business accounts to individual accounts, your chequing ac-

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 trans-actions. 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

service where somebody is always accountable,” Waul-Douglas said.

With PanCaribbeanBank o"ering the fewest and lowest service rates amongst Jamaica’s seven commercial banks, according to a 2010 Bank of Jamaica survey, the Business Priority Unit of-fers 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 ser-vices and loan and lease financing. The unit also refers its corpo-rate clients to Pan Caribbean Financial Services for investment opportunities and retail clients to the commercial bank, o"ering them additional opportunities to grow their money.

Since being established in January 2011, the unit has continued the PanCaribbean tradition of exceeding expectations, record-ing 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 invest-ment,” 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.

Business Priority Unit A personal touch to corporate banking

Product focus

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Rochester-Wint, E-Services Specialist; Vanessa Williams, Relationship Bank-er; Tamara Waul-Douglas, Manager and Ann-Marie Smith, Manager

PanTimes

Lithographic Printers

Client focus

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founded by Anthony duQuesnay. Over the years, it has cement-ed 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. 

How long have you been banking with PanCaribbean-Bank (PCB)?

PCB for more than 10 years, initially through loan financing and investment and now with the commercial banking aspect of its business.

What are some of the benefits you have derived from this relationship so far?The benefits have been great: great customer relationship, prompt response to queries, lower bank charges and easier ac-cess.

Based on your experiences, what makes PanCaribbe-an’s business products and service di!erent from other commercial banks?Representatives are easy to access, whether through switch-board, 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.

Would you advise other business owners to bank with PanCaribbean? Why?

is all about on a consistent basis - not good today and bad later. Going forward, what are you expecting from the bank in terms of products and services?Going forward, I am expecting PCB’s service to be even better and in regards to their products, they will continue to be innova-tive, especially in regards to customer needs.

Robin duQuesnay

PanTimes

Craig Douglas Highest achiever in sales

Relationship O#cer Craig Douglas received the Highest Achiev-er 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 o#cer in the operational unit of Pan Caribbean Financial Ser-vices. Now, I am the Senior Relationship O#cer with the bank.

What functions do you carry out as Relationship Of-ficer?My mandate is to market the bank’s products and provide ef-ficient 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 e#cient customer service to.

How does it feel to receive the award as the High-est  Achiever New Business Revenue for 2011 and how did you achieve this?Hard work and persistence pays o". 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 ambi-tions 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.

Branch ambassador

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Craig Douglas, Senior Relationship O#cer

PanTimes

Team Member of the Year

Michelle Senior: Committed to excellence

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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 asso-ciate, where she was responsible for processing transactions. She was recently promoted to client re-lationship o#cer in the private cli-ent services unit in Pan Caribbean Financial Services.

This past year, she was integrally in-volved in the successful implemen-tation of the nationwide Automat-ed 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 moni-toring incoming and outgoing trans-fers through the new funds trans-fer system. She created a seamless flow of communication with inter-nal and external clients, all while ensuring that the process was in

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-o" 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 mem-bers whenever events need plan-ning. She also played a pivotal role in ensuring that the Group Business Support Unit’s charity work at the Resurrection Basic School in Du-haney Park was completed before the beginning of the September 2011 school term.

Michelle is a tireless worker, a self-less individual and a real asset to the PanCaribbean team. She is truly deserving of the award of Team

Michelle Senior

PanTimes

Philip Armstrong appointed to PanCaribbean Board

-strong, Deputy CEO of PCFS and Managing Director of PanCaribbean-

According to PanCaribbean President and CEO, Donovan Perkins, Arm-strong 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

and the board have shown in me. I look forward to contributing to the growth of PanCaribbean,” he said.

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News

PanTimes

Victoria Jubilee Hospital: Birthing our nation’s future

Community focus

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ABOUT VJH

Anniversary of Queen Victoria.

o"ered maternal services only.

entirely reconstructed and expanded to house 164 beds. In 1980 it was further expanded when a completely new wing was added.

Caribbean. It is classified as a specialist hospital dealing with maternal and gyn-aecological care.

Kingston’s Victoria Jubilee Hospital (VJH) is a national institution and for many of you read-ing 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.

For the hospital itself, your e"orts and those by the organising team at PanCaribbean could not have been more appreciated by the hospital’s 600 sta" members. After all, approximately 50 per cent of babies born in Jamaica today were born at VJH, so we can all take great satisfac-tion in having made such a contribution to our nation’s future: 14,728 good corporate citizens helped to raise $15,258,000!

“The sta" is quite ecstatic because of the tech-nological advancement of the machines, the increased numbers of equipment available to serve more patients and the fact that their abil-ity to perform duties in an e"ective manner has been significantly enhanced,” Godfrey Boyd, VJH’s chief executive o#cer 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 ser-vices 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

the public health sector. Particularly, as our ser-vices 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 moni-tors and more.

“The new machines that we received have served as replacements for some machines, while some of them are an addition to the pres-ent 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 equip-ment, the hospital is also working creatively to accommodate the growing number of patients by reorganising its neonatal, delivery and labour services.

“My sta" and myself as CEO of the hospital, take great pleasure and indeed see our service as a humbling experience to be able to contrib-ute 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 gyn-aecological care of the highest quality,” he said.

Matron Valrie Smalling

PanCaribbean Building60 Knutsford Boulevard, Kingston 5

Tel: (876) 929-5583-4 options@gopancaribbean.com

www.gopancaribbean.com

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