( L - R ) Pratt, Armstrong

Henry Pratt, managing director of the newly formed PanCaribbeanBank Limited, has resigned his position effective October 31, but declined to say why he is leaving the three-month-old operation.

Philip Armstrong will step in to run the bank in the interim.

PanCaribbeanBank is a subsidiary of brokerage Pan Caribbean Financial Services, which recently gave up its merchant banking licencing to become Jamaica's number seven and smallest commercial bank.

PanCaribbeanBank has $9.5 billion of assets. The sector is valued at $530 billion.

Pratt, who since 2004 had headed Pan Caribbean Merchant Bank, made the transition to the commercial bank as its managing director when it opened for business.

Declined to comment

He declined to comment when reached late Friday by Sunday Business on his reasons for leaving the group.

Tanya Miller, group vice-president in charge of marketing and new product development, said his reasons were personal.

"He hasn't said what his next step is," said Miller.

A statement issued by Pan Caribbean was no more forthcoming, briefly announcing Pratt's imminent departure and thanking him for his contribution to the company's 'growth and stability'.

"Our team wishes him well and every success in his pursuits," said president and CEO Donovan Perkins.

Armstrong, Pan Caribbean's deputy chief executive officer, who was promoted September 1 to second in command of the PCFS group, has been seconded to run the bank. Pratt had no deputy.

As deputy CEO and a member of the PCFS board, Armstrong already had some level of oversight of the bank.

Miller said Pratt would assist with the leadership transition.

Pratt joined the Pan Caribbean group in 2004 as senior vice-president and general manager of PCMB. He has over 13 years of banking experience.

susan.gordon@gleanerjm.com