Cornerstone United Holdings Jamaica Ltd (CUHJL) yesterday confirmed that the Bank of Jamaica has granted approval for it to puchase a majority stake in MF&G Trust and Finance Ltd from two entities affliliated 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 purchase price was not disclosed.

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

MFGT&F is a merchant bank located at law firm Myers, Fletcher and Gordon’s building on East Street in downtown Kingston.

The Board of CUHJL is comprised of Mark Myers, managing director 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 say 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.