The University of the West Indies, (UWI) Mona and National Commercial Bank (NCB) Jamaica on Thursday, February 20 signed an agreement under which NCB will provide US$953,000 to finance a programme of applied research focusing on strategies for corporate renewal and transformation in the Caribbean region.
 
The programme, which is the first of its kind in the region aims to generate new knowledge to guide Jamaican firms on how to develop dynamic capabilities and strategies for profitable growth. 
The agreement was signed by Pro Vice Chancellor and Principal of The UWI, Mona Campus, Professor Archibald McDonald, and NCB’s Group Managing Director, Mr. Patrick Hylton, at a ceremony held in the Council Room at The UWI, Mona Campus.
 
Under the terms of the agreement, the research will be done in two phases by the Mona School of Business & Management at The UWI. Phase 1 will be done over two years, from January 2014 to December 2015, and will involve delivery of two technical papers, a seminar and a short executive-level course for National Commercial Bank.  
 
Phase 2 is a sponsored chair (professorship). The occupant of the chair will engage in a variety of scholarly activities to advance knowledge in the area, including publication of scholarly academic papers, which will also be distilled for consumption by the general public..
 
Principal McDonald welcomed NCB’s involvement noting that the objectives of the agreement are important for development. He reiterated his call for members of the private and public sectors to partner with the UWI in facilitating ground-breaking research and innovation and thanked NCB for having the confidence to make the investment.
 
For his part, Mr. Hylton commented that the NCB expected to reap significant benefits from the research project. He pointed out that the applied research in Corporate Renewal and Transformation project aimed to advance scholarship and knowledge in the field of corporate renewal and transformation. He said it would provide new information for strengthening Jamaican private sector organizations for sustainable economic growth; provide new information for improving corporate performance such as sales productivity and develop managerial skills for domestic and cross-border decision-making.
 
The signing was witnessed by Dean of the Faculty of Social Sciences, Professor Evan Duggan, Executive Director of the Mona School of Business & Management, Professor Densil Williams, as well as NCB’s Senior General Manager, Group Human Resources, Mr. Rickert Allen, and Senior General Manager, Treasury & Correspondence, Banking & Payment Services, Mr. Septimus “Bob” Blake.