Chief Executive Officer of NCB Capital Markets, Angus Young, says high interest rates contributed to the entity’s failure to raise the $5 billion targeted in its recent Additional Public Offering, APO.

The APO raised half that sum, $2.5 billion from 3,000 applications for the ordinary shares on offer.

Despite falling short of target, Young believes the exercise was a success.

NCB says the proceeds from the APO are intended to reduce debt and strengthen capital flexibility at the financial holding company.

Young says among the most pleasing aspects of the APO was the fact that many of the shares were taken up by employees of NCB.

Meanwhile Mr. Young says NCB is making the investment to build out the strength and resilience of its network of automated banking machines, ABM across the island.

Young says the bank is placing itself in position to meet all of the service standards for ABM use recently mandated by the Bank of Jamaica, BOJ.

Young is acknowledging that NCB faces a challenge meeting customer demand at ABM during peak hours. He says the servicing of machines after 10 pm poses a particular difficulty that the entity is working hard to address.

Angus Young, CEO of NCB Capital Markets.