JAMAICA Money Market Brokers (JMMB) has been approved by the Trinidadian central bank to fully acquire Intercommercial Bank Ltd and Intercommercial Trust & Merchant Bank in the twin island republic.
The development brings the Kingston, Jamaica-based firm closer to becoming a fully integrated regional financial services company, Keith Duncan, JMMB Group CEO, said in a press release on Friday.
"As an indigenous Caribbean financial services company, we are excited about this opportunity to further build out banking services in the T&T market," Duncan said.
"JMMB and IBL share a commitment to genuine client care, flexibility and responsiveness, and together we will build on that, to the benefit of our clients. The strength and commitment of the IBL team, coupled with JMMB Group's regional reach, expertise and focus on valuing each client, make a formidable partnership," he added.
In 2005, JMMB acquired a 50 per cent shareholding in the IBL Group as a means of broadening business line diversification in the region. The firm earlier this year stated its intent to the Central Bank of Trinidad & Tobago (CBTT) to increase its share ownership of the T&T banks to 100 per cent, and the approval to proceed with the transaction was granted by the regulators last Tuesday, the company said.
IBL Managing Director and CEO, Krishna Boodhai, said the transaction will further position IBL as a strong financial entity within Trinidad and Tobago.
"I am confident of the possibilities and benefits that this will offer to all our clients, as both JMMB and IBL are committed to providing customised solutions to meet the financial goals of our clients, at every stage of their life or business phase," Boodhai said.
JMMB has operations in Jamaica, the Dominican Republic and Trinidad & Tobago. Its lines of business span securities dealing, stock brokering, foreign exchange trading, insurance brokering, banking and remittances. It is listed on the Trinidad & Tobago, Barbados and Jamaica Stock Exchanges.