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JMMB gets approval to increase stake in T&T bank

Published:Friday | September 13, 2013 | 4:36 PM

Jamaica Money Market Brokers (JMMB) has received approval from the Central

Bank of Trinidad & Tobago to proceed with the transaction to acquire Intercommercial Bank Limited and Intercommercial Trust & Merchant Bank Limited (IBL Group) in the twin-island republic.

Conclusion of the transaction will see JMMB gaining full ownership of its very first commercial bank.

In 2005, JMMB had acquired a 50 per cent shareholding in the IBL Group as a means of broadening business line diversification in the region, the company said in a release.

JMMB has operations in Jamaica, the Dominican Republic and Trinidad & Tobago. Its line of business spans securities dealing, stock brokering, foreign exchange trading, insurance brokering, banking and remittances. It is listed on the Trinidad & Tobago, Barbados and Jamaica stock exchanges.

Coming on the heels of its rebranding of Capital and Credit Merchant Bank in Jamaica, which was gained through its acquisition of the Capital and Credit Group in 2012, “the conclusion of this IBL transaction will better position JMMB to offer a more diverse portfolio of products and services, relevant to clients’ banking and investment needs, with its signature style of client care,” the release said.

Keith Duncan, JMMB Group CEO said that “as an indigenous Caribbean financial services company, we are excited about this opportunity to further build-out banking services in the T&T market. 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.”

IBL Managing Director and CEO, Krishna Boodhai also expressed pleasure about the approval to proceed with the transaction.

“This is welcome news for us at IBL and we look forward to becoming fully-integrated within the JMMB family," Boodhai said.

"This will further position IBL as a strong financial entity within Trinidad and Tobago, and 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,” he added.