KINGSTON–The Bank of Jamaica (BOJ) has approved JMMB Merchant Bank's (JMMBMB) application to upgrade its existing (merchant bank) license, to a commercial bank license.
The BOJ's approval is just the first step in the process of transitioning JMMBMB's operations, to commercial banking operations, in the very near future.
JMMBMB is a subsidiary of the JMMB Group. In 2012, JMMB acquired the Capital & Credit Financial Group (CCFG) in Jamaica, which allowed JMMB to offer clients merchant banking, as well as remittances and unit trust, products and services.
That acquisition helped to form the foundation for this significant commercial banking license approval milestone.
"We are excited, humbled and honoured at the opportunity to provide a full suite of banking services, which will now be integrated into our financial partnership culture of having our clients' best interest at heart. As we continue to take steps to transition our merchant banking operations to a commercial bank, we will also continue to maximize existing synergies and efficiencies across the Group, consistent with our strategy of building out our integrated financial services model," said Keith Duncan, JMMB Group CEO.
This is another major development for one of the Caribbean's leading financial groups. The JMMB Group, which serves approximately 220,000 clients in Jamaica, T&T and the Dominican Republic combined, has long awaited the opportunity to expand its offerings, especially in the area of commercial banking, to better serve its growing client base in Jamaica.
In May of this year, the Group rebranded its commercial banking subsidiary in T&T, Intercommercial Bank Limited (IBL Bank), to JMMB Bank (Trinidad and Tobago) Limited. JMMB acquired a 50 per cent shareholding in the then IBL Bank in 2005, and later gained full ownership of the IBL Group in 2013.