Barbara Ellington, Lifestyle Editor
Perkins: No mergers on horizon for Pan Caribbean. - RICARDO MAKYN/STAFF PHOTOGRAPHER.
DONOVAN PERKINS could have chosen to be a doctor, lawyer or an engineer, having excelled at the arts and sciences at Calabar High School. But upon being introduced to a course in personal finance at the University of South Florida, he found what has become his life's career.
The switch from the course in medicine he was pursuing led to a bachelor's in finance, with honours, and later an MBA from the University of Virginia.
With over 17 years' experience in financial management, investment and commercial banking, the 44-year-old is currently president and CEO of Pan Caribbean Financial Services Limited and the second longest-serving CEO of a banking group in Jamaica. He has been in the post since 1993.
Mr. Perkins has been an active director of several financial and insurance organisations, as well as the Big Brothers and Sisters of Greater Miami. He currently serves as vice-president of the Private Sector Organisation of Jamaica (PSOJ) and a former president of the Merchant Bankers Association. He is married and the father of two children.
Mr. Perkins tells his story.
Barbara Ellington: You studied in Miami, Florida; when did you return to Jamaica, and why?
Donovan Perkins: In 1993. I am Jamaican. My desire is to be here, my wife is Jamaican too. But while in Miami, I met
a friend who worked with GraceKennedy, who were setting up in Florida at the time. I was doing well there, but GraceKennedy asked me to come on board and set up their credit training programme. I was in a dilemma because I loved my job overseas, but I had a desire to come home.
Then a friend who I discussed the situation with told me: "Behold the turtle, it advances only when it sticks its neck out," so I stuck my neck out, went to work with Grace for a year, travelling throughout the Caribbean extensively. I was then asked to run subsidiaries in corporate banking and financial management for them, so I packed up my family and came home.
BE: Are there any regrets?
DP: In the initial stages I used to ask myself whether I wanted to return to Florida, but it's been interesting, exciting, challenging, exhilarating, at times frustrating, but also very rewarding.
BE: And what about now, with the fresh wave of violence and many more professionals either leaving or on the verge of a decision to go? Would you consider leaving?
DP: Everyone is concerned about the higher levels of crime, but the saying goes: "Man fe drown can't hang." It may be fatalistic to think this way, but bad things can happen to you wherever you are, and this is my home.
BE: How big is Pan Caribbean Financial Services Limited (PCFS) in terms of the bottom line?
DP: Last year we made $843 million and this year we will do better because after our nine-month review, we have made $823 million, so we are safe in saying it should be over that when the current year ends.
BE: So is there any truth to speculation in some quarters that PCFS, like other financial institutions, is now being negatively impacted by external factors?
DP: I think that it is unfortunate that companies that are doing well in Jamaica are the financial companies, and I long for the day when more companies in manufacturing, exporting and services will do just as well. The reality is that if you are in the financial services, you are fooling yourself if you don't recognise that the financial companies in an economy are a reflection of the economy in which they operate. We won' t have an economy that grows if those are the only companies doing well. A shift will have to take place soon; we need a balance.
BE: What are some of the services offered by Pan Caribbean Financial Service and how many persons do you employ?
DP: We have four lines: credit, which lends to corporate entities for the short or long term; trading, which deals with foreign exchange and bonds; an asset management company under which Sigma Unit Trust falls; investment management services and primary dealership that handles Government securities. Others who offer the same services are Dehring, Bunting and Golding and Capital and Credit. We have a large number of Jamaican shareholders with four branches in Montego Bay, Ocho Rios, Mandeville and Savanna-la-Mar. We employ 200 persons.
BE: What do you look for in an employee?
DP: We look for attitude, communication skills, someone who is a team player and naturally, the technical abilities for our organisation. Pan Caribbean Financial Services is an amalgamation of seven companies and has its genesis in Pan Caribbean Merchant Bank and later a number of companies that merged with Manufacturers Merchant Bank.
BE: The world of business is in the age of mergers, buyouts and takeovers, are there any more mergers in the future life of PCFS?
DP: There is nothing on the immediate horizon, but we have been most active in that regard in financial services over the last 10 years. Mergers have become popular, and it is critical in Jamaica for firms and companies to develop to a size and scale and expertise that will determine whether they survive.
BE: What about the banking sector, do you see more new commercial banks being established given the '90s meltdown?
DP: I doubt that more new banks will come on stream, but we might see a consolidation among some of the six commercial banks we now have. It all depends on how aggressive they are.
BE: Do you have a Christmas season financial forecast? How do you think business will do this year?
DP: I am concerned that it might not be a great one, but I'm hoping for a good one. Things usually settle down after any
ruffles in the sector. Things may not be outstanding this year but we should be okay.
BE: Where do you see your role in the next 10-20 years?
DP: I don't look that far ahead in my personal situation. I prefer to operate with a three-year plan and try to beat my set targets within that time. Success in that scenario happens through good fortune and hard work. PCFS is in a transition now, having moved from a medium to large-size financial institution. We have tremendously focused people on the team, we have made them a promise that it will be exciting, enjoyable work, and we will grow larger and more successful. The challenge now is to deliver on that promise. I cannot overemphasise the fact that our team is dedicated, they will work hard without prompting; they love the company and they take care of the customers. And, I have a good board and a great boss.
BE: How do you see your corporate responsibility as a large financial group ?
DP: We are accountable to three major stockholders, the workers who are our greatest asset, the shareholders and our customers. We serve the community by volunteering time to worthy projects and groups; we contribute to health, children and sports. Specifically those include the Sigma Fund Run, the Blood Bank, children with leukaemia, the handicapped. We provide scholarships to the tertiary level but we believe in giving resources and time rather than nickels and dimes.
BE: What is your wish for Jamaica?
DP: My fervent wish is for Jamaica to be a prosperous and just country. I don't think anyone could wish any less for this country. Those go hand in hand.
BE: What do you think we need to do to get control of this crime situation? And I don't mean more talking about it, I mean action.
DR: That's a tough one, but the reality is that more changes need to be made within the force. We won't solve these problems until the police get more resources to do their job effectively. Government and crime fighters can be creative, spend wisely and utilise meagre resources effectively, but adequate resources to tackle crime at all levels is critical; we also need good leadership in all areas of society to face the challenges we have now.
