PanCaribbean Bank abandons Sagicor complex for Fairview

PanCaribbean Bank Limited has doubled its office size in Montego Bay and is going after new clients in the small-business market segment.

The bank is also positioning its services at individuals who want customised or personalised treatment.

Managing Director Phillip Armstrong said PanCaribbeanBank MoBay now operates from 5,000 square feet of leased space at Fairview Shopping Centre, or double the space at its old location at the Montego Bay Shopping Centre on the downtown waterfront.

The bigger operation houses branches of both PanCaribbeanBank, which is the second-smallest commercial bank, and Pan Caribbean Financial Services, a wealth management company and parent of the bank.

"We invested a lot of time and effort in developing the right design. We faced standard constructions costs related to decor and relocation, as well as costs related to acquiring a new Automated Banking Machine and night-deposit facility," said Armstrong. He declined comment on the investment.

Montego Bay is the biggest market for PanCaribbean Group outside of its home base, Kingston.

"We see growth coming from client referrals, which is typically our most valuable marketing pipeline and SMEs (small and medium-size enterprises)," he said.

"The convenience of the location, along with our banking by email option - Transact@gopancaribbean.com, our banking by web option - Virtual Banker Internet, and banking by telephone - Priority Service Contact Centre, will make us an even more attractive banking partner."

The bank employs 18 staff in Montego Bay.

"That will remain about the same for now. The location has, however, more teller wickets and space for expansion when the need arises," Armstrong said.

In August, PanCaribbean Group reported half-year profit of J$781 million to underperform its HY2011 results of J$914 million by 14.5 per cent.

It said its performance was affected by rising costs and slow growth in its main business lines, but indicated plans to pour effort into improving revenue and cutting costs.

PanCaribbean and its banking subsidiary are owned by Sagicor Life Jamaica.

The complex that it vacated is owned by Sagicor.

Armstrong declined comment on the comparative lease prices.

Real estate sources say the going Fairview rates are US$12 to US$14 per square foot per annum. A 5,000-square-foot office, at those rates, would cost at least US$60,000 or J$5.4 million to lease.

business@gleanerjm.com