JMMB acquires bank in the Dominican Republic
KINGSTON, Jamaica — The JMMB Group has continued its expansion in the Dominican Republic (DR), having received regulatory approval for the 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.
JMMB said the acquisition serves to deepen its 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.
JMMB commenced operations in the DR, with its investment services offering, through its subsidiary, JMMB Puesto de Bolsa, headquartered in Santo Domingo.
“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,” Group CEO Keith Duncan said.
