By Andrew Green, Staff ReporterPATRICK HYLTON, deputy managing director of National Commercial Bank is now in charge of subsidiaries, Edward Gayle & Company and West Indies Trust Company (WITCO).
This follows the resignation of Ravi Rambarran as managing director of the two entities. Mr. Rambarran resigned last Thursday.
"All that happened is that Mr. Rambarran has resigned," Mr. Hylton said in an interview, when asked the reason was for the departure. "I cannot comment any further on it."
Rumours of a dispute circulated in sections of the business community last month, when Mr. Rambarran was away from the office for a few days. But this was quashed when he resumed his duties.
Mr. Rambarran only joined NCB in May, after leaving his post as chief financial officer at insurance giants, Life of Jamaica. That insurance company had previously been acquired by the Barbados Mutual Life Assurance Society, now renamed Sagicor.
Mr. Hylton is also a new member of the NCB team. He joined in June, after leaving his post as managing director of the state-owned Finsac, which had been instrumental in rehabilitating Jamaica's financial sector following the meltdown of the 1990s. Operations at Finsac are gradually being wound down.
"He says he has other interests he would like to pursue, and that is about it," Mr. Hylton said of the Rambarran resignation.
"He resigned, I don't want to say with immediate effect, but it wasn't a long period of notice," Mr. Hylton said.
Mr. Rambarran's replacement has not yet been determined, Mr. Hylton said, "but in the meantime, I have oversight over his portfolio."
Wednesday Business was unable to reach Mr. Rambarran for comment yesterday.
