LEVERAGING the name recognition of its well known parent company, Sagicor Bank officially opened its doors yesterday with a formal ceremony and building renaming at Sagicor Life Jamaica's headquarters in New Kingston, the centre of the capital city's financial district.

"With the rebranding exercise, we are able to strengthen our relationship with the Sagicor Group," a news release quoted the commercial bank's Managing Director Philip Armstrong. "In effect, our suite of products and services are now enhanced by greater name recognition."

Sagicor Bank, the release continued, is well suited for both business and retail customers. "In addition to current and savings accounts, debit cards and other standard banking services, Sagicor Bank offers PriorityMe — a low entry-level current account with a built-in savings component, a 9.95 per cent auto loan facility and interest bearing current accounts." Armstrong explained that the bank is unique in that it offers "all the services that our business and personal customers need, and we have many benefits not offered at any other commercial bank".

At yesterday morning's official opening ceremony, Maurice Facey, chairman of Pan Jamaican Investment Trust Ltd, unveiled the rebranded bank to the delight of Sagicor Investments President and CEO Donovan Perkins, and Sagicor Investments Chairman Richard Byles, who is also president and CEO of Sagicor Life.

The bank has five branches islandwide, access to the MultiLink ATM network, a robust Internet banking platform and says it is well equipped to handle both its current, and anticipated larger customer base.

Sagicor Bank started as Manufacturers Sigma Merchant Bank Limited before merging with Pan Caribbean Financial Services, to be rebranded PanCaribbean Merchant Bank. In 2009, the bank converted from a merchant bank to a commercial bank and took on the name PanCaribbeanBank.

"The evolution of the bank demonstrates clearly the movement from strength to strength," Armstrong said.

Yesterday, the group — which includes Sagicor Life, Sagicor Investments, and Sagicor Bank — said that new products and services will be rolled out as an extension of the rebranding exercise.