Update: Robinson leaving First Global Bank for fintech job
Published:Monday | June 6, 2022 | 7:45 AM
Mariame McIntosh Robinson is leaving First Global Bank, FGB, next month to take up a new job as managing director of a fintech firm.
She has headed the GraceKennnedy-owned commercial bank as its president and CEO since 2016. Before that she was the deal manager for Portland Private Equity, which is controlled by billionaire investor Michael Lee-Chin.
McIntosh Robinson's position at First Global will be taken up in the interim by the bank's chief operating officer Radcliffe Daley, who GraceKennedy said has 30 years of commercial banking and investment banking experience. Her resignation takes effect on July 18.
The job she is taking up is with a fintech firm based in the United States, but she will continue to operate from Jamaica, GK said in a market filing.
First Global is the second smallest of Jamaica's eight commercial banks, whose combined assets amount to more than $2.1 trillion. FGB represents 3.7 per cent of the market.
In the year that McIntosh Robinson joined the bank, First Global made $325 million in net profit on revenue of $3.9 billion. Five years later, its annual profit for 2021 was $516 million on revenue of $5.4 billion, which was a step down in earnings from the apex year of the COVID-19 pandemic.
During the onset of the pandemic in 2020, the bank earned $543.5 million on revenue of $4.87 billion.
Over the five years, the bank's assets climbed from $58 billion to $77 billion. Its loan portfolio is currently valued at more than $31 billion.
GraceKennedy reported in its financials for last year that First Global achieved growth in all key areas relative to 2020.
“Notably, improvements were realised in revenue, profit before tax, net loans, and deposits,” the conglomerate said.
First Global also launched new products focused on small and medium-sized enterprises and invested in the upgrade and relaunch of its online banking platform, Global Access Plus.