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Jamaica's National Commercial Bank adds ATMs, subtracts employees

May 20, 2002

KINGSTON, Jamaica -- Despite a plan that will eliminate 840 employees over a three-year period, National Commercial Bank intends to expand its ATM network to more than 100 machines by the first quarter of 2003.

The bank, which currently operates 59 ATMs, recently added a new drive-through facility in New Kingston, according to a report in the Jamaica Observer.

Adding ATMs is part of an effort to upgrade technology and enhance and develop service delivery channels, according to the report. Managing Director Christopher Lowe told the Observer that the US $40 million project "will touch all facets of our businesses and the way we deliver our services."

Another part of the plan is to reduce staff by840 employees over a three-year period beginning in 2003, according tothe bank's 2001 annual report.
 
The banking group employed 2,566 persons and incurred staff costs of over $2.5 billion for the year ended Sept. 31, 2001.
The bank recorded six months after- tax profit of $385 million, from revenue of $7.3 billion for the half year that ended March 31, 2002. It exceeded the after-tax net profit and revenue of $380 million and $6.7 billion earned during the comparative period the previous year.

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