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Financial News

Jul 2012 Financial News

JMMB reshapes CCFG boards

Jul 13, 2012

Jamaica Money Market Brokers (JMMB) has begun the process of reshaping the boards of the Capital & Credit companies it now owns.

The July 10 appointments are a precursor to the eventual absorption of Capital & Credit Financial Group Limited (CCFG) into JMMB.

Two of the new directors, both former owners of CCFG, have transitioned from the disbanded CCFG boards.

Outside of the merchant bank, its unclear which of the Capital & Credit companies will continue to operate as subsidiaries. JMMB executives declined to speak on the merger programme immediately.

The new directors appointed to Capital & Credit Merchant Bank Limited are chairman Dennis Harris, Noel Lyon, Archibald Campbell, V. Andrew Whyte, Roger Braham, Vintoria Bernard, Gregory Shirley, Martin Lyn, Maurice Clarke, Khary Sharpe, Keith Duncan, Donna Duncan Scott and Patricia Sutherland.

Keith Duncan and Andrew Cocking are directors of Capital & Credit Financial Group Limited while Lyon will chair the board; and V. Andrew Whyte, Andrew Cocking, Maurice Barnes, Keith Duncan, Kisha Anderson and Keisha Forbes have taken seats on the board of Capital & Credit Remittance Limited, which is also chaired by Lyon.

And the boards of Capital & Credit Securities Limited and Capital & Credit Fund Managers Limited include chairman Noel Lyon, Archibald Campbell, Keith Duncan and Patricia Sutherland.

The new board appointments comes behind the announcement at the top of the month that chairman Ryland Campbell and the boards of CCFG and all subsidiaries had resigned following the 93 per cent take-up of the JMMB takeover offer.

The resignations also included Cocking, Curtis Martin, Maria Jones, Kelvin Roberts, Gregory Shirley, Patrick Thelwell and Audrey Deer-Williams.

Jamaica Gleaner
Friday July 13, 2012