JMMB gets commercial banking licence
KINGSTON, Jamaica — The JMMB Merchant Bank, a subsidiary of the JMMB Group, has been granted approval to start operating as a commercial bank.
The JMMB Group today announced that the Bank of Jamaica (BOJ) has approved the application to upgrade its existing merchant bank licence, to a commercial banking licence.
The BOJ’s approval is just the first step in the process of transitioning JMMB Merchant Bank’s operations, to commercial banking operations, in the very near future, JMMB said in a release.
In 2012, JMMB acquired the Capital & Credit Financial Group (CCFG) in Jamaica, which allowed JMMB to offer clients merchant banking, as well as remittances and unit trust, products and services.
That acquisition helped to form the foundation for this significant commercial banking licence approval milestone, JMMB added.