Last update: 09-Dec-2013 11:04 am
Monday, December 09, 2013
Trinidad & Tobago Guardian Online
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JMMB to own T&T bank
Jamaica Money Market Brokers’ (JMMB) goal of becoming a fully-integrated regional financial services company has been given a further boost, with the company getting approval from the Central Bank to proceed with the transaction for full acquisition of Intercommercial Bank Ltd and Intercommercial Trust and Merchant Bank Ltd (IBL Group). The conclusion of that transaction will see JMMB gaining full ownership of its very first commercial bank.
The company had earlier this year stated its intent to the regulators to increase its share ownership of the T&T banks to 100 per cent, and the approval to proceed with the transaction was delivered on Tuesday by the Central Bank. In 2005, JMMB acquired a 50 per cent shareholding in the IBL Group as a means of broadening business line diversification in the region.
Headquartered in Kingston, Jamaica, JMMB is a unique financial services group that is founded on the principles of love and having the best interest of all at heart. JMMB has operations in Jamaica, the Dominican Republic and T&T. Its lines of business span securities dealing, stock brokering, foreign exchange trading, insurance brokering, banking and remittances. It is listed on the T&T, Barbados and Jamaica stock exchanges.
Full control of IBL will be a significant milestone in the company’s almost 21-year history, as it consolidates strategic opportunities across the region. Coming on the heels of its rebranding of the Capital and Credit Merchant Bank (CCMB) in Jamaica, which was gained through its acquisition of the Capital and Credit Group (CCFG) in 2012, the conclusion of this IBL transaction will better position JMMB to offer a more diverse portfolio of products and services, relevant to clients’ banking and investment needs, with its signature style of client care.
Keith Duncan, JMMB Group CEO said: “As an indigenous Caribbean financial services company, we are excited about this opportunity to further build-out banking services in the T&T market. JMMB and IBL share a commitment to genuine client care, flexibility and responsiveness, and together we will build on that, to the benefit of our clients. The strength and commitment of the IBL team, coupled with JMMB Group’s regional reach, expertise and focus on valuing each client, make a formidable partnership.”
IBL managing director and CEO Krishna Boodhai also expressed pleasure about the approval to proceed with the transaction.
“This is welcomed news for us at IBL and we look forward to becoming fully-integrated within the JMMB family. This will further position IBL as a strong financial entity within Trinidad and Tobago, and I am confident of the possibilities and benefits that this will offer to all our clients, as both JMMB and IBL are committed to providing customised solutions to meet the financial goals of our clients, at every stage of their life or business phase.”
Duncan concluded that the “JMMB Group’s future will continue to be focused on sustained profitable growth, broader financial service offerings and providing exceptional care to the over 200,000 clients we serve across the region. Our achievements have been the direct result of our hard-working team’s commitment to our core philosophy, and a strategy hinged on business line diversification and expanded regional growth, as we keep our attention on effectively meeting the financial needs of our diverse client base.”
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