Pan Caribbean Financial Services has appointed Philip Armstrong the managing director of commercial banking subsidiary PanCaribbeanBank.

In a release to the Jamaica Stock Exchange, Pan Carbbean said Armstrong’s appointment was made effective March 1, 2010.

An engineer by training, Armstrong has over 19 years of experience in the financial services sector. He joined the Pan Caribbean group in 2002 from Citibank Jamaica where he was resident vice president. During his tenure as head of PanCaribbean Capital Markets, his mandate included the supervision of Equities and Fixed Income trading, Private Client Services, the Primary Dealer and Stock Brokerage Units, and Asset Management.

Armstrong is a graduate of Embry Riddle Aeronautical University and is the current vice president of the Jamaica Bankers Association and chairman of the Coffee Industry Board Development Fund.

PanCaribbeanBank has just completed its first full year of operations. And according to the company directors, expansion of the current branch network will be explored in 2010 as a means of improving the bank’s competitive positioning.

Under Armstrong’s guidance the commercial bank deposits have grown by 18 per cent or by $1.33 Billion to $8.78 Billion, while customer accounts have increased by 55 per cent.

Photo: Phillip Armstrong

Caption: Armstrong…new managing director of PanCaribbeanBank