JN Money Services Limited (JNMS) and its sister organisation, the National Building Society of Cayman, have bought First Financial Caribbean Limited (FFCL) and First Financial Caribbean Jamaica Limited (FFCJL), which were subsidiaries of the First Financial International Group Limited, and operators of the QuikCash and SunMoney brands.

This acquisition should see Jamaica National deepen its presence in the Cayman Islands at a time when the implementation of the Jamaica Debt Exchange (JDX) and a contracting economy has hindered its performance in its home market.

The sale agreement was signed last week at the registered offices of JN Money Services Limited on Constant Spring Road, in Kingston.

“This acquisition solidifies JN Money Services’ position as a major player in the international remittance market, and provides the basis on which we can explore other ventures,” Leesa Kow, General Manager of JNMS said following the signing.

She stated that, “As the global remittance market, which amounts to more than US$300 billion, according to the World Bank, continues to rebound, we see this acquisition as a strategic opportunity to expand our brand, as we take advantage of new and emerging markets.”

JN Money Services, which operates the JN International Money Transfer brand, has been enjoying steady growth, despite the impact of the global economic environment on the remittance industry, since late 2008.

“It is against that background that we continue to aggressively pursue our expansion initiatives, such as moving into the African market, and further consolidating our position in the Caribbean,” Kow said.

Delroy Howell, Chairman of First Financial International Group, said that his main reason for selling was to free his organisation to explore other development projects in Cayman; and he saw JN Money Services as a company with vision, which would readily benefit from the infusion of the buoyancy of QuikCash and SunMoney.

“We observed the ‘people synergy’ of JN International Money Transfer, which was one of our main competitors in Cayman; and, welcomed the opportunity to sell our business to an organisation with a similar vision and philosophy,” Howell said.

Earl Jarrett, General Manager of Jamaica National Building Society (JNBS), which owns both JN Money Services Limited and National Building Society of Cayman, said that the purchase demonstrated the JNBS’ confidence in Jamaica, the new financial directions, and “the country’s ability to out-perform.”

He said that this marks the beginning of a new and exciting era for JN Money Services to better keep Jamaicans in the Diaspora connected, as the company continues to enhance and expand its services.

This latest acquisition now sees Jamaica National in firm control of 95 per cent of the remittance business from the Cayman Islands to Jamaica.Caribbean Business Report understands that the sale of the operators of the QuikCash and SunMoney brands to Jamaca National was in excess of US$10 million.

Delroy Howell who founded First Financial Caribbean some 14 years ago, has seen to it that his company has consistently bested Western Union in the Cayman Islands. He is now intent on establishing a fibre optic operation in the Cayman Islands.

The Jamaica National Group, the Caribbean’s largest building society saw a moderate increase in its after tax surplus for the 2010 year ended March 31. The Group recorded a J$1.2 billion after tax surplus, representing a 6 per cent increase, or approximately J$69 million over the previous year.