CAPITAL & Credit Merchant Bank (CCMB) is set to become the first Jamaican merchant bank to be listed on the Trinidad & Tobago Stock Exchange.
CCMB chairman, Ryland T. Campbell, announced yesterday that the bank has received approval from the Trinidad & Tobago Stock Exchange to become officially listed on Wednesday, October 1.
This follows its recent Initial Public Offering in Jamaica on May 26 this year, when Capital & Credit Merchant Bank became the first merchant bank to be listed on the Jamaica Stock Exchange.
BIG PROFITS
CCMB began operations in 1994. In its latest consolidated results for the half-year ended June 2003, the bank and its wholly-owned subsidiary, Capital & Credit Securities Ltd., posted net profit after tax of $179.69 million, an increase of 37.87 percent over the corresponding six-month period last year, with pre-tax profit of $244 million and taxation provision of $64.33 million.
The bank is slated to open its Montego Bay branch by the beginning of the fourth quarter this year, which is intended to broaden the bank's representation and deepen its customer delivery channels and relationships.
In April of last year, Capital & Credit became the first merchant bank in Jamaica to reach $1 billion in Shareholders' Equity.
