FirstCaribbean International Bank Jamaica Limited (FCIBJ) will, in less than two weeks, shut down its Newport West branch in Kingston and merge the operations with King Street, the bank has advised the market.

At the same time, FirstCaribbean is opening a new branch in St Catherine.

No reason was given for the merger of the operations and efforts to get further details failed, as all senior managers were said to be out of town at a meeting.

The consolidation will decrease the bank's total network to 18 branches and office centres, plus 16 automated banking machines.

FCIBJ is ranked Jamaica's fourth largest commercial bank of seven.

Last year, the bank reported net income after tax of $835 million, compared to $771 million for the previous year.

FCIBJ's newest branch, located at the corner of Old Port Henderson Road and Braeton Parkway in Portmore, will open for business on November 9.

The bank earlier this year spent approximately $132 million to build out the branch.

The Portmore municipality has a population that has blossomed over the past decade and a half to more than 200,000, with a high concentration of middle-income and university-educated residents.

FCIBJ will come into direct competition with larger rivals, Scotiabank and RBTT Bank, located just chains apart form each other.

sabrina.gordon@gleanerjm.com