Oct 2007 Financial News

JMMB looks to the Caribbean - Launches operations in the Dominican Republic

Oct 26, 2007

Santo Domingo: DR - Jamaica Money Market Brokers Ltd. (JMMB) deepened its regional thrust yesterday with the launch of its subsidiary in the Dominican Republic, JMMB BDI America.

A partnership which Banco BDI and Corporación de Credito America, the new financial institution will begin by offering the Government of the Dominican Republic repurchase agreements and then widen its product range during the first year.

Hoping to replicate its feat of developing the secondary market for securities in Jamaica, JMMB's expansion into the Spanish-speaking island follows on the heels of its banking sector crisis in 2003 and the likely gravitation of investors to private issues as the Treasury Ministry has issued bonds valued up to RD$320 billion pesos.

In outlining the strategic direction for its operations in the Dominican Republic, Group CEO of JMMB Keith Duncan, commented: "What we are about to do here, we did in Jamaica 15 years ago. There was no secondary market in Jamaica at the time, but my mother, Joan Duncan and Dr Noel Lyon had the vision, drive and belief to significantly contribute to its development.
"We have also achieved success in Trinidad & Tobago and Barbados and we are convinced that there is enormous potential here in the Dominican Republic".
Duncan also emphasised that JMMB's superior risk management & mitigation expertise will be infused into the operations of the new subsidiary. The JMMB Vision of Love is also an integral part of the culture of the new company and, prior to the launch, all team members were brought to Jamaica for orientation and introduction to the unique culture of the company.

Speaking at the launch, Mr Guillermo Arancibia, Country Manager, touted the benefits that JMMB, the third largest financial institution in Jamaica with over US$1 billion in funds under management, will bring to the Dominican market and stated that the institution's "commitment, integrity, entrepreneurial spirit and vision to develop the securities market in the Dominican Republic has enabled us to get to this point where we can launch JMMB BDI America".

Also addressing the gathering of some 200 corporate guests, media and selected invitees, Dr Noel Lyon, JMMB Group chairman, noted that, "this is another milestone that we have achieved in our Vision 2025 strategy to make JMMB the leader in Caribbean and Central American asset-backed classes and is an important step in the roll-out of our strategic footprint across the region".

The Superintendente de Valores (SIV) in the Dominican Republic has already officially recognised the new partnership JMMB BDI America, which is a major achievement as the approval process typically takes two years. The SIV's approval equates to approval and granting of a licence by the Financial Services Commission here in Jamaica.

The brainchild of a spirited visionary by the name of Joan Duncan, Jamaica Money Market Brokers was formed in 1992 and, from inception, established itself as the leading money market broker in the Caribbean. Now celebrating its 15th anniversary, JMMB has become one of Jamaica's largest and most successful financial institutions serving over 100,000 clients both locally and internationally. Through its related company, Caribbean Money Market Brokers Ltd (CMMB), JMMB has expanded to Trinidad, Barbados, St Lucia, Guyana and now, the Dominican Republic.

Source:
The Jamaica Observer
Friday October 26, 2007

http://www.jamaicaobserver.com/magazines/Business/html/20071026T000000-0500_128723_OBS_JMMB_LOOKS_TO_THE_CARIBBEAN.asp