Shawn Moses has been appointed as country CEO for the JMMB Group’s T&T Operations, effective January 2, 2024.
The announcement was made yesterday on a post on the T&T Stock Exchange (TTSE) website following a notice the TTSE received from JMMBGL advising of Moses’ position.
According to the notice, Moses will now have strategic and operational oversight for the JMMB Group Ltd’s T&T subsidiaries, namely: Jamaica Money Market Brokers (T&T) Ltd and its subsidiaries which are JMMB Bank (T&T) Ltd and its subsidiary JMMB Express Finance (T&T) Ltd and JMMB Investments (T&T) Ltd and its subsidiary JMMB Securities (T&T) Ltd.
JMMBGL also advised that Moses maintains his role as CEO of JMMB Bank (T&T) Ltd.
According to its website, the JMMB brand started in 1992 as the first money market broker in Jamaica.
Now, it has over 220,000 clients across its operations in Jamaica, T&T and the Dominican Republic.
“We built Jamaica’s first money market with the goal of maximizing client satisfaction through exceptional care and world class financial expertise. For us, our patrons are always ‘clients’ and never ‘customers.’ Every person who walks in our door receives the best advice and our full attention,” it added.
In November last year, the JMMB Group, via its wholly-owned subsidiary, JMMB International Ltd (JMMB International), formally commenced operations in the eastern Caribbean jurisdiction of Barbados.
This foray into Barbados represented the fourth Caribbean nation in which the group has established a physical presence, joining T&T, Jamaica and the Dominican Republic.
In December 2023, rating agency CariCRIS maintained the regional scale issuer ratings assigned to JMMB Group of CariA- (regional local currency) and CariBBB+ (regional foreign currency) and jmAA- (local currency rating) and jmA+ (foreign currency rating) on the Jamaica national scale.
CariCRIS scale ratings also indicated ‘good creditworthiness’ of JMMB Group compared to other similar entities in the Caribbean.
It further assigned a stable outlook, based on the expectation that over the next 12 to 15 months the group is likely to continue to record good financial performance and capitalisation levels.
In an interview with the Business Guardian last September, Moses said since JMMB Group Trinidad and Tobago became the 100 per cent shareholder of Intercommercial Bank T&T (IBL) ten years ago, there had been a significant uptick in its overall performance.
The JMMB Group acquired a 50 per cent shareholding in IBL from the Mittal family in December 2004 and in 2005 the company announced plans to acquire IBL and Intercommercial Trust and Merchant Bank after getting approval from T&T’s Central Bank.
Moses said that when looking at the performance of Intercommercial before and after its full ownership by JMMB in 2013, there had been ups and downs based on what was happening in the economy. But for the past few years there have been very positive financial performances.
Moses said in 2013, JMMB Bank T&T’s contribution to the group’s net profit was less than five per cent. In 2018, the bank’s contribution to the group’s net profit stood at eight per cent and in 2023 it jumped to 17 per cent.
He noted that as of March 31, 2023, the end of its financial year, the total assets of JMMB Bank T&T, stood at $3.14 billion which represents a four per cent increase compared to the previous year.