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JMMB gets commercial banking licence

Published:Monday | August 14, 2017 | 11:52 AMAvia Collinder

JMMB Merchant bank (JMMBMB), a subsidiary of the JMMB Group,  has become the island's eighth commercial bank following receipt of a licence on Friday, August 14.

In September 2016,  the central bank approved JMMBMB's application to convert its merchant banking operations to a commercial bank.

The Group said in a release that JMMBMB will rebrand to JMMB Bank with services being introduced to the three former merchant bank’s locations in Ocho Rios, St. Ann; Montego Bay, St. James and Knutsford Boulevard, New Kingston.

It is also offering banking services at JMMB’s locations in Portmore, St. Catherine and Mandeville, Manchester. The bank said it intends to roll-out additional branches in future.