Jul 2015 Financial News

JMMB acquires Dominican Republic bank

Jul 03, 2015

KINGSTON—The JMMB Group has continued its expansion in the Dominican Republic (DR), having received regulatory approval for acquisition of 90 per cent of the shares of Banco Ahorro y Credito Rio (Banco Rio), through its Dominican Republic subsidiary, JMMB Holding Company Limited. The additional 10 per cent is owned by a private investor who is well respected in the business community.

Banco Rio is a savings and loans bank, which is licenced to provide: consumer loans, loans to small and medium enterprises (SMEs), commercial loans, credit lines, credit cards, a cambio service, savings accounts and certificates of deposit.

This acquisition will serve to deepen JMMB’s presence in the financial sector in the Dominican Republic, and is in keeping with the group’s strategy of building out its regional integrated financial services model. With this acquisition, prospective and current JMMB and Banco Rio clients will benefit from an even more diversified suite of financial solutions that will support them in the achievement of their goals, at every stage of their lives.

JMMB commenced operations in the DR, with its investment services offering, through its subsidiary, JMMB Puesto de Bolsa, headquartered in Santo Domingo. Operations in the Dominican Republic continue to produce very positive results for the Group, and JMMB has made its mark as one of the most respected entities of its kind, in that country. For the calendar year ended December 31, 2014, JMMB Puesto de Bolsa ended the year as the most profitable broker in the DR, for the second year in row. JMMB’s success in the DR was also underscored by the fact that it ended the 2014 calendar year as the broker with the largest funds under management (FUM).

Keith Duncan, JMMB Group’s CEO, said: “We remain dedicated to ensuring that we deliver customised financial solutions to our clients, in a way that adds value to them and our stakeholders.”

Adding that the market in the DR has been receptive to the JMMB Group, he further said that, “the growth of the group is evidence of the confidence in JMMB, and the opportunities that are present in the region.”

Source:
Trinidad Guardian, A18
Friday July 3, 2015