WEEKLY BULLETIN for week ended May 10, 2013
FirstCaribbean International Bank Limited (FCI) � 06.05.13
FirstCaribbean International Bank Limited has informed the Stock Exchange that on May 6, 2013, the Board of Directors made the following executive appointments subject to regulatory and governmental approvals.
To assist with initiatives to strengthen the Bank's control environment, the strategic decision has been taken to form a new Governance and Controls Unit. Ms Donna Graham has been appointed the Managing Director Governance and Controls and will relinquish the role of Chief Auditor. Ms Patricia Rowe-Seale has been appointed Acting Chief Auditor.
Effective June 1, 2013, Managing Director Retail Banking, Mr Daniel Farmer will assume the role of Managing Director, Corporate Lending and Investment Banking. In addition, Managing Director Barbados, Mr Mark St Hill will assume the role of Managing Director, Retail and Business Banking. Ms. Donna Wellington, who currently holds the position as Head of the Corporate Credit Recoveries group will assume the role of Managing Director, Barbados.
Angostura Holdings Limited (AHL) � 29.04.13
Angostura Holdings Limited has informed the Stock Exchange that Mr Robert Ramchand has been voted and appointed a Director of the Board of the Company with effect from April 29, 2013.
FirstCaribbean International Bank Limited (FCI) � 19.04.13
FirstCaribbean International Bank Limited has informed the Stock Exchange that Managing Director, Corporate Lending and Investment Banking, Mr. Ian Chinapoo, a member of the Company's Senior Executive Team, has resigned effective May 31, 2013.
Sagicor Financial Corporation (SFC) � 19.04.13
Sagicor Financial Corporation has informed the Stock Exchange that the Director of the Company have by resolution fixed May 2, 2013 as the record date for the purpose of determining the Shareholders and Depositary Interest Holders entitled to receive Notice of the Tenth Annual Meeting of the Company.
National Commercial Bank Jamaica Limited (NCBJ) - 28.03.13
National Commercial Bank Jamaica Limited has informed the Stock Exchange that the Company and its subsidiaries exchanged in aggregate approximately J$118 billion of Government of Jamaica securities in the National Debt Exchange. In another transaction, NCBJ and one of its subsidiaries exchanged in aggregate approximately J$7 billion of Government of Jamaica securities in a private debt exchange. The securities were exchanged for other securities with lower coupons and different maturity dates.
NCBJ expects an adverse impact during the current financial year (ending September 30, 2013) on the Company's gains on foreign currency and investment activities, and interest income from securities held. Given that the coupons on the securities offered were higher than those on the securities received after the exchange, if it continues to hold the securities received, the interest earned on them would continue to be lower until those securities mature.
There may, therefore, continue to be an impact on interest earned in future years, though there are greater uncertainties around predicting the impact that will be experienced in future years. Of course, this does not take into account the positive impact of mitigating measures and the overall impact of the change in the environment which has happened, and is still happening, in the context of NDX. The Company does not anticipate any material impact on capital.