Thu | Aug 17, 2017

New financial centre out west for NCB

Published:Wednesday | July 20, 2016 | 7:00 AM

National Commercial Bank Jamaica (NCB) will be developing a second financial centre, this time at Fairview in Montego Bay.

NCB signed a contract with Frontier Development Limited for acquisition of a 20,400-square foot property - about one acre of land - at the Fairview commercial centre, and construction of a building to house its new Banking & Financial Services Centre. The signing took place at NCB's Trafalgar Road corporate headquarters in New Kingston on Monday.

The centre will incorporate retail banking, corporate banking, services of subsidiaries NCB Capital Markets and NCB Insurance Company, and staff training facilities. Frontier is expected to begin construction in a matter of weeks.

Despite awarding the contract for the development, NCB offered no indication of the size of the investment, saying the costings were still being finalised.

Its first banking and financial centre, which opened less than a year ago at Constant Spring Road, Kingston, in September 2015, cost around $1 billion, a figure that was only disclosed at the official opening ceremony. That financial centre is a two-floor structure spanning 20,700 square feet.

NCB already operates two branches in Montego Bay. The centre will grow the network to three for that city and 36 branches nationwide.

neville.graham@gleanerjm.com