CONGLOMERATE GraceKennedy on Wednesday opened its Financial Centre at 2 Duke Street in downtown Kingston. The impressive edifice houses Jamaica International Insurance Company, First Global Bank and First Global Financial Services all under one roof.

GraceKennedy was founded in 1922 and has always been headquartered in downtown Kingston.

Speaking at the unveiling of the new building, GraceKennedy’s CEO Don Wehby said: “We were born here 90 years ago. When things got tough and times turbulent, many moved their businesses. We stayed. Because by that time we were a fixture of the landscape of downtown Kingston and downtown Kingston had become a part of us. We believed — and still do in its potential, possibility and above all, its people. Our commitment to this area is representative of our wider commitment to Jamaica.

“This Financial Centre is a dream come true for us. It is even more special and significant for us as we were able to open in our anniversary year, in the very week when GraceKennedy was born.”

First Global Bank now has equity of J$5.1 billion and gross assets of $28.8 billion. Its customer loans currently stand at $11.7 billion and customer deposits of $16.4 billion.

First Global Financial Services has shareholder’s equity of $3.4 billion and total assets of $28 billion.

Wehby went on to add: “Our capital expenditure in Jamaica over the last ten years has been $10 billion. Last year, that figure was $1.01 billion, with us looking to commit approximately $1.39 billion this year. This is a reflection of the confidence in the future of our company, our confidence in Jamaica and confidence that our investments will give us a proper return to our shareholders.”

The branch manager for The Financial Centre is Patricia Fagan.

The CEO of GraceKennedy Financial Group Courtney Campbell explained that the 10,000 square foot will provide a very convenient service access point — as many customers of First Global Bank, First Global Financial Services and Jamaica International Insurance Company had expressed the need for these companies to have a location close to where they work, live and do business.

“We will push for growth also in our lending to the private sector — and here First Global Fiancial Services offer many solutions for the corporate sector, in trade-finance, working capital, pension management solutions and much more.

“In fact, First Global Bank’s loan portfolio grew by almost 20 per cent in the last financial year, while keeping their rate of non-performing loans in decline and within an acceptable range,” said Campbell.

Last week, GraceKennedy released its financial statements for the year ended 2011. Group revenues came in at $58.2 billion, representing a 5.2 per cent increase over the prior year. This revenue increase was accompanied by an improvement in net profit. For the year ended 2011, Grace recorded a net profit of $2.75 billion, $499 million more than the $2.25 billion posted for 2010.