May 2014 Financial News

JMMB to apply for commercial bank licence by yearend

May 14, 2014

The JMMB Group says the Bank of Jamaica has laid out a series of requirements in its quest for a commercial banking licence.

The group currently holds a merchant banking licence, which it qualified for in 2012 when it took over Capital and Credit Financial Group, inclusive of its merchant banking arm.

It immediately signalled it would seek an upgrade.

"The Bank of Jamaica, in its responsibility as regulator to maintain integrity and strength in the banking sector, has outlined a number of requirements that applicants must fulfil, in order to be licensed to operate as a commercial bank," said group marketing manager Kerry-Ann Stimpson.

"We are currently putting the necessary systems and processes in place to satisfy those requirements, and our aim is to submit an application to operate as a commercial bank, by the end of this year," she said.

It will be JMMB's second attempt at a commercial banking licence, having been turned down before in 2008.

Jamaica has seven commercial banks with assets of J$740 billion as at December 2013. The sector is dominated by National Commercial Bank Jamaica and Scotiabank Jamaica, which together account for 74 per cent of the market.

our values of love

"JMMB is also intent on offering commercial banking solutions with the JMMB signature, hinged on our values of love and having the best interest of our clients at heart," said Stimpson.

"That said, not only are we putting in place the requirements as stated by the BOJ, but we are also assiduously working to implement solutions that will deliver a client experience that is unique."

The group is already engaged in commercial banking in Trinidad, through fully owned subsidiary Inter-Commercial Bank.


Source:
avia.collinder@gleanerjm.com
Jamaica Gleaner
Wednesday May 14, 2014

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