Last update: 08-Dec-2013 10:46 pm
Sunday, December 08, 2013
Trinidad & Tobago Guardian Online
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JMMB buys out local bank
Jamaica Money Market Brokers Limited (JMMB) now has 100 per cent shareholding in T&T’s Intercommercial Bank (IBL). This follows the company’s acquisition of the remaining 50 per cent shareholding held by the Mittal family of India yesterday. The transaction was confirmed in a brief statement which also said that the shareholding disposed of was owned by private companies connected to the family of LN Mittal.
The JMMB Group had previously acquired a 50 per cent shareholding in IBL from the Mittal family companies in December 2004. Last month, the company announced plans to acquire IBL and Intercommercial Trust and Merchant Bank after getting approval from T&T’s Central Bank.
With this purchase JMMB now owns its first commercial bank, adding to their existing fleet of operations in Jamaica, T&T and the Dominican Republic. The result is a much larger Caribbean financial institution providing integrated service to people in the region
At the official opening of IBL’s Tunapuna branch earlier this year, JMMB’s executive director Donna Duncan-Scott, said the group’s involvement in T&T is a key part of their “expanding regional footprint”.
JMMB Group CEO, Keith Duncan spoke about the planned bank acquisition at the group’s annual general meeting in Jamaica last month. “As an indigenous Caribbean financial services company, we are excited about this opportunity to further build out banking services in the T&T market,” he said.
“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,” he added.
IBL Managing Director and CEO, Krishna Boodhai, who attended the AGM, had said at that time that the transaction would further position the bank as a strong financial entity within T&T
“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,” Boodhai said.
JMMB’s 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.
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