General manager of Pan Caribbean Merchant Bank, Henry Pratt.

Pan Caribbean Merchant Bank (PCMB) has entered into an agreement with the local dealers of BMW, Stewart Motors, to provide lease-financing to prospective customers of the luxury vehicles.

"Our lease financing solution is particularly attractive to companies seeking to provide motor vehicles for their executives," said Henry Pratt, general manager of PCMB.

Announcement in May

The bank's partnership with the auto dealer follows its announcement in May that it had obtained regulatory approval to convert its merchant bank licence to a commercial banking operation.

With the financing arrangement with Stewart Motors, PCMB hopes to lure its current high-end as well as prospective clients with what it describes as "attractive loan and lease financing options," which it has tailored for these clients.

For example, for the loan package, customers will have up to six years to repay while, under the lease financing arrangement, the bank is willing to arrange financing for up to five years.

Its acquisition of the Jamaican dealership for BMW two months ago has required Stewart's to invest more than $19 million in expansion and staff training.

Stewart Motors, located on Orchard Road, a stone's throw from the New Kingston financial district, acquired the BMW dealership, previously held by Sterling Motors, on June 1 this year.

- Ashford Meikle