"Given the current status of construction, we are anticipating an August/September 2009 opening," said Clovis Metcalfe, the managing director of FirstCaribbean's Jamaican subsidiary.

Up to last September, First-Caribbean Jamaica had assets of $50 billion, ranking behind Scotiabank Jamaica, National Commercial Bank and RBTT.

It already has 13 branches and 16 automated banking machines across the island. It also runs a building society and provides capital market services.

The new branch in Portmore, just west of Kingston, will bring FirstCaribbean's service close to a large population. The municipality has a population, greatly expanded over the past decade-and-a-half, of more than 200,000 and a high concentration of middle class and university-educated residents.

"We are always looking for new opportunities for expansion and Jamaica is a market targeted for growth by FirstCaribbean Group," said Metcalfe.

sabrina.gordon@gleanerjm.com