Apr 2015 Financial News

JMMB Reconfigures New Kingston Banking Operations

Apr 17, 2015

The Kingston operations of JMMB Merchant Bank are to be split between two locations in the central business district, but will remain headquartered at Grenada Way.

The bank's customer-focused operations will shift to Knutsford Boulevard on April 20, but the corporate office, and corporate banking and treasury units will stay put.

JMMB-MB also has two other branches outside Kingston, at Ocho Rios and Montego Bay.

In New Kingston, The Grenada Way operations will be reduced from three floors to two at property which JMMB leases from Bevad Limited.

The Knutsford property, which is owned by JMMB Group, previously housed its insurance brokerage and other operations, but the insurance business was transferred to Dominica Drive in New Kingston late last year, property that JMMB said it also owns.

CEO of JMMB-MB, Jerome Smalling, said on Wednesday that the move to Knutsford Boulevard "will provide significant savings in the absence of continued rental and maintenance costs at Grenada Way." Bevad is expected to find new tenants for the ground floor that the company is vacating.

The circular sent to clients said that the new location will provide wider access to JMMB services, including banking, insurance, remittances and brokering.

JMMB-MB was formerly known as Capital and Credit Merchant Bank, but was rebranded after the $4-billion acquisition of the Capital & Credit group in 2012.

Smalling said that as a result of the integration of services at Knutsford, two roles were made redundant at the bank.

"Note that we will continue to operate very separate entities, even though they would have integrated in one location," he said.

JMMB Group Marketing Manager Kerry-Ann Stimpson added that the current services at Knutsford include investments and insurance brokerage services, but that after Monday, they will also incorporate the complete range of banking services, as well JMMB's remittance services.

Source:
Avia Collinder
avia.collinder@gleanerjm.com
Jamaica Gleaner
Friday April 17, 2015

http://jamaica-gleaner.com/article/business/20150417/jmmb-reconfigures-new-kingston-banking-operations