Newsday ( Trinidad and Tobago )
11 January 2024 ( Page 10 )
ANSA Merchant Bank appoints new director
Ansa Merchant Bank has appointed Ian De Souza its new managing director, effective lanuary 8. The announcement was made in a >tatement sent on Tuesday. De Souza previously served as CEO of :he TT Chambers and former principal adviser at Advice Financial Co Ltd. He also held several senior positions with the Republic Bank Group in risk management, corporate and investment ianking, and finance and merchant banking services across the region. In November, the Ansa McAI Group of :ompanies said it had recorded growth n its banking, investment, beverage and automotive sections. This was reported n its unaudited results for nine months, which ended on September 30. The group recorded an increase in revenue, from $4.716 billion in 2022 to $5.170 billion in 2023. Its profit before tax for the period went up from $139 million in 2022 to $468 million. Profit after tax went up from $13.7 million in 2022 to $323 million. The group's chairman, Norman Sabga, said after the company acquired COLF IRE, the company's performance showed noticeable improvement. Sabga said beverage, construction and distribution businesses showed topline growth but were still affected by nonrecurring input costs owing to decisions to secure supply chains amid global disruptions. Automotive operations also performed well, increasing both revenue and profitability. Ian De Souza. PHOTO BY ROGER JACOB