Aug 2008 Financial News

JMMB keeps eye on regional expansion

Aug 13, 2008

Jamaica Money Market Brokers (JMMB) plans for further expansion within the region has been earmarked by the company's executives as one of the "strategic imperatives" that will drive the firm's expansion.

Locations targetted includes areas where the merchant already has a presence - Trinidad and Tobago and Dominican Republic (DR). But JMMB, which is also in the process of acquiring commercial bank licences in the twin-island republic and Jamaica, is also looking at countries in the OECS, such as St Vincent, and Central America.

JMMB reported that its earnings from its share of asoociated companies increased almost sixfold during the three months to June 30, 2008 - from $27 million during the corresponding three months in 2007 to $150 million during June 2008 quarter.

JMMB's associated companies include Intercommercial Bank in Trinidad, of which it owns half, Caribbean Money Market Brokers (CMMB) and CMMB Securities Limited in Trinidad, both of which it has a 45 per cent stake in, and CMMB's Barbados operations in which it has a 50 per cent stake.

JMMB also has a presence in St Lucia through its wholly-owned JMMB International Limited and in DR through its 80 per cent stake in JMMB Dominicana SA.

Last week executives of the firm headed by Keith Duncan, presented an overview of the firm's strategic plan which would be underpinned by five strategic imperatives, including focus on pension fund management and corporate finance.

The presentation outlined that continued greenfield expansion would seek profitability from DR and "assessing expansion opportunities in Central America Free Trade Area (CAFTA)".

The expansion plans would not only focus on growing organically, according to executives, who said the company would be "on the look for acquisitions".

Additionally, JMMB has applied to the Bank of Jamaica for a commercial banking licence and is seeking to expand its footprint in Trinidad through commerical banking operations.



Source:
The Jamaica Observer
Wednesday August 13, 2008
http://www.jamaicaobserver.com/magazines/Business/html/20080812T1900000500_138968_OBS_JMMB_KEEPS_EYE_ON_REGIONAL_EXPANSION.asp