 |
| Management structures reorganised |
|
| The Trading division acquired the remaining 50% in both Cockett and
Oreport during the year under review. Management structures have been
reorganised which has brought about an improved focus on the core
strategy of origination. |
|
 |
| Improved results for the year |
|
| Freight Services reported improved results for the year. This occurred as
the business started to gain critical mass and benefit from economies of
scale as a result of the investment into and expansion of the various
operations, combined with the rationalisation of operations under focused
management teams, over the last few years. |
|
 |
| Investment Grade rating confirmed |
|
| During the last quarter of 2008, the Bank had its Investment Grade rating
confirmed by Moody’s at a time when the global financial crisis had placed
many banks on rating downgrades. For the 2008 year, Financial Services
increased revenue by 25%, while the Bank incurred no bad debts,
remained adequately capitalised and was well funded by a stable and
growing deposit base. |
|
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