KINGSTON, Jamaica — Cornerstone United Holdings Jamaica Ltd, confirmed a short while ago that the Bank of Jamaica has granted approval for the sale of a majority stake in MF&G Trust and Finance Ltd by two entities afflitated with Myers, Fletcher and Gordon- Merban Ltd and Levas Ltd.

“The Directors of Cornerstone United Holdings Jamaica Limited (CUHJL) are pleased to confirm that the Bank of Jamaica has granted its approval for the sale of a majority stake in MF&G Trust and Finance Limited (MFGT&F) by Merban Limited and Levas Limited, (entities affiliated with Myers, Fletcher & Gordon) to CUHJL,” read a news release from the company.

The development comes after Minister of Finance Audley Shaw announced last week that two new commercial banking licenses had been given to the Jamaica National Building Society (JNBS) and Jamaica Money Market Brokers Merchant Bank (JMMB).

The Board of CUHJL is comprised of Mark Myers of Restaurants of Jamaica (Chairman), Arnold Aiken of Tank Weld Group (who will become Chairman of MFGT&F), Paul Simpson (Managing Director of CUHJL – formerly of Proven), Nigel Chen-See of National Supply, and James Godfrey of SG Group.

The parties said they are working towards a smooth and seamless completion.

Merban Ltd will remain a shareholder in MFGT&F and continue to participate at the Board level through Norman Minott, the current Chairman of MFGT&F.