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First Global recruits Citibank exec as CEO

Published:Wednesday | July 28, 2010 | 12:00 AM
Courtney Campbell, head of GraceKennedy Financial Group, has been acting as head of the bank for the past 10 months.

First Global Bank has found a new president, a hunt that lasted 10 months after Wayne Wray left the bank in the wake of the management fallout parent company GraceKennedy Limited said was the discovery of irregular trading that resulted in billions in losses last year.

Maureen Hayden-Cater, a former Citibank executive in Jamaica is to take up the position of president on August 1.

Courtney Campbell, the chief executive officer of GraceKennedy Financial Group, who has been overseeing the bank's operations since Wray's departure, made the announcement on Friday.

Hayden-Cater brings to First Global several years of diverse banking experience gained during her 22 years at Citibank NA Jamaica.

At Citibank she was head of commercial bank and global transaction services, risk management and international trade finance.

First Global is ranked fifth among Jamaica's seven commercial banks with an asset base of J$28 billion as at March 2010.

Over the past year, the bank has made several senior management changes, and tightened up its risk management functions in the wake of the reported US$19.9 million trading loss that forced GraceKennedy to pump fresh capital into the operation to shore up its base.

First Global is now locked in a court battle with the bank's former treasury vice president, Rohan Rose, who it is suing for US$7.6 million in damages for alleged breach of fiduciary duty, negligence, breach of contract and fraud.

Hayden-Cater, a graduate of the University of the West Indies, Mona with a postgraduate degree in Economics, will have oversight for FGB's five branches located in New Kingston, Manor Park and Liguanea in the Corporate Area, as well as in Montego Bay and Mandeville.