Sun | Jun 4, 2023

Diversified finance firm moves to expand its market share

Published:Saturday | May 8, 2021 | 10:21 AM
Renowned banker/businessman Douglas Folkes has been named new Federal Capital chairman. Levar Smith has been appointed Deputy Chairman (contributed photos)

Jamaican firm Federal Capital Investment & Finance Limited has moved to strengthen and significantly increase its market share in the diversified finance market with key and strategic appointments aimed at injecting new vision and assured experience into its management structure.

The appointments are expected to drive the company's VISION 23 strategic objectives of growing its expanding portfolio and earnings from its Insurance Premium Financing business.

Douglas Folkes, who was named chairman of the entity, brings to Federal Capital decades of banking experience and excellent credentials as a Chief Executive Officer/Managing Director of Mutual Security Bank Limited. 

Folkes served at the senior levels of the National Commercial Bank and several other noted Jamaican corporations.

Levar Smith has also been elevated to the seat of deputy chairman of the Board effective April 29, 2021.

Smith, who was also appointed chairman of the Board's Audit Committee, served as a director of the Group and on the Board of the subsidiaries Marathon Insurance Brokers Limited and Federal Capital Investments & Finance limited since 2018.

"Smith's appointment heralds the elevation of a new generation of talented leaders to the executive suite, and guides the Board's VISION 23 strategic objective of delivering 75 per cent of the company's income from its platform business," a statement from the firm said.

Smith's journey with the Marathon Group began in 2007 and he has served in various capacities including accountant, operations manager, general manager, and his current post of chief executive officer - Marathon Insurance Brokers Limited.

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