Caribbean Money

  Jamaica’s Business Process Outsourcing (BPO) sector has recorded significant growth over the past four decades, transforming from a modest operation in the Montego Bay Free Zone to an industry encompassing over three million square feet of space Islandwide. This, according to Vice President, BPO and Logistics, Port Authority of Jamaica (PAJ), Gloria Henry, who notes that this expansion has been fueled by increasing private sector investment and strategic stakeholder vision to position Jamaica as a key player in the global logistics hub. She was speaking during the recent media launch for the Global Services Association of Jamaica’s (GSAJ) ‘Outsource to Jamaica’ (O2J) Conference at the Jamaica Pegasus Hotel in New Kingston. The shift from public to private sector dominance has been a key driver of this growth. Up to 15 years ago, the public sector, through the PAJ, was the primary provider of BPO space. The private sector now accounts for 67 per cent of the occupied space, a testa...

Global Finance Magazine reports that CIBC Caribbean has concluded a groupwide efficiency drive last month with the successful transfer of its Saint Maarten operations to Orco Bank. The divestment drive began in October 2021; since then, CIBC has sold operations in Aruba, Curaçao, Dominica, Grenada, and St. Vincent and the Grenadines, as well. “Our country divestment program is now over,” said CIBC Caribbean’s CEO Mark St. Hill, in a statement. “These were some very complex transactions, and it is a credit to [CIBC’s team’s and buyer banks’] expertise and professionalism that we were able to complete all of them within the timeframe that we set out and with relative ease.” Operating as CIBC FirstCaribbean in the Dutch Caribbean, the bank’s reduced regional footprint has resulted in a modern, slimmed-down bank, St. Hill added. Changes included centralizing key functions, including digital sales through LoanStore; launching an agile work plan; and revamping its call centers into contact c...

  Esther Finance Limited has announced new strategic partnerships with EveryData, a provider of credit risk assessment solutions, and InNeed Cloud, a cloud-native IT consulting and service provider. Christopher Brown, CEO and Country Manager, EveryData Jamaica Limited said that new the collaborations “mark a significant milestone in Esther Finance’s mission to transform access to credit by offering a seamless, data-driven, and technology-powered peer-to-peer lending experience.” Esther Finance offers peer-to-peer lending through its platform. It connects those seeking financing with lenders and also allows individuals to access lending via a technology-driven solution at esthergroup.co. The company indicates that the platform has grown to 1,381 users. “We are particularly pleased to be partnering with Esther Finance in this initiative that will no doubt transform access to credit for many Jamaican entities and individuals. The truth is, the possibilities are enormous and could b...

The Development Bank of Jamaica (DBJ) has announced the appointment of Dr David Lowe as its new Managing Director, effective March 3, 2025. He will lead the Bank in its continued mission to drive sustainable economic growth through strategic financial initiatives, entrepreneurship support, and development financing. Dr Lowe, with a career spanning over 25 years, brings a wealth of experience in strategic planning, capital project execution, private equity and venture capital as well as corporate and development finance. He also has a strong background in risk management, regulatory compliance, capital markets and fundraising, along with proven skills in people and talent management. Dr Lowe also has international experience working in Australia and Singapore with Fortune 500 management consulting firm Accenture. Prior to joining DBJ, Dr. Lowe served as the Chief Executive Officer and Founder of Katalyst Holdings Limited for five years and immediately before that as the Chief Executive ...

  Tropical Battery Company Limited nearly doubled its gross operating revenue to J$1.61 billion, a 99.5 per cent year-over-year increase for the first quarter ended December 31, 2024. However, overall net profit fell by 50.9 per cent to J$35.5 million, primarily due to a 569.5 per cent rise in finance costs, significantly affecting bottom line. This was mainly driven by increased debt servicing expenses, which aligned with ongoing expansion strategy. Management indicates that this debt will be paid down considerably by the cash raised from the upcoming secondary public offering, targeted to close before March 31, 2025, management stated. Management noted that while “overall sales performance was impressive, Rose Batteries' sales were below budget due to the cyclical impact of the U.S. election cycle.” The company is nevertheless optimistic about its lines of business which are developing in tandem with market trends. The global energy storage market is projected to expand from U...

GraceKennedy Limited (GK) has announced leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment. Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association. Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitmen...