Federal Capital Investment & Finance Limited moves to expand market share
Douglas Folkes named new chairman; Levar Smith deputy chairmanSunday, May 09, 2021
Jamaican firm Federal Capital Investment & Finance Limited has moved to strengthen and significantly increase its market share in the diversified finance market with key and strategic appointments aimed at injecting new vision and assured experience into its management structure.
The appointments are expected to drive the company's VISION 23 strategic objectives of appreciably growing its expanding portfolio and earnings from its Insurance Premium Financing business.
Accomplished banker Douglas Folkes, who was named chairman of the entity, brings to Federal Capital decades of highly successful banking experience and excellent credentials as a chief executive officer/managing director of Mutual Security Bank Limited. He served at the senior levels of the National Commercial Bank Jamaica Ltd and several other noted Jamaican corporations.
Having assumed the chairmanship, Folkes identified and elevated director Levar Smith to the seat of deputy chairman of the board effective April 29, 2021.
Smith, who was also appointed chairman of the board's audit committee, served as a director of the group and on the board of the subsidiaries Marathon Insurance Brokers Limited and Federal Capital Investments & Finance limited since 2018.
According to a statement from Federal Capital's board, Smith's appointment heralds the elevation of a new generation of talented leaders to the executive suite, and guides the board's VISION 23 strategic objective of delivering 75 per cent of the company's income from its platform business.
Smith is a chartered underwriter [ACII] who holds a degree in management studies (accounting).
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