Commercial bank newcomer, JMMB Merchant Bank plans on expanding its integrated financial life goal centres to six branches across the island by the end of 2018.

The planned expansion is one of the institution’s latest objectives as its seeks to capitalise on expected growth opportunities in the transportation, storage and communication sectors led by improvement in Jamaica’s mining, construction, hotel, tourism, wholesale and retail activities.

Currently, JMMB has a centre that deals holistically in investments, money transfers, insurance brokerage, funds management and pensions in Kingston, Montego Bay and Ocho Rios. The addition of three integrated financial life goal centres will bring to total 14 branches across the JMMB Group of Companies.

JMMB was, however, mum on where the new centres will be located as it said it would need to get regulatory approval before disclosing such details.

As the institution moves to establish itself as a strong player in the Jamaican commercial banking space by 2020, JMMB in its recently released annual report said it will roll out a full suite of products, consistent with traditional commercial banking operations, as well as unique solution sets in response to client demand.

“We will also enhance electronic and telephone support services as we seek to provide clients with real-time access to the JMMB client experience. Lastly, in keeping with the overall national growth agenda, we will sharpen our focus on small and medium enterprises by providing solutions specific to the unique needs of this sector,” the note to shareholders stated.

The bank, which was granted a commercial banking licence last year, broadened its financial solutions offerings to clients in the Trinidad and Tobago market with the launch of its Online Trading Solution.

The trading platform is designed to cater to the varying needs of clients who are interested in making global investments and managing their own portfolios. It is expected to be rolled out in Jamaica and the Dominican Republic.

EXPANSION OF INTEGRATED FINANCIAL CENTRES IN T&T

Last December, JMMB’s local operating entities — JMMB Bank (T&T) Ltd and JMMB Investments Limited — opened its second integrated financial services model at South Park Shopping Centre, expanding on the provision of a full suite of truly integrated financial solutions to meet clients’ life goals.

The bank noted that its rebranding to JMMB Bank paved the way for “heightened brand exposure, and from all accounts, the brand and marketing reach has significantly increased over the year, both in the social media space and the local environment”.

Nonetheless, the JMMB Bank (T&T) Ltd and its subsidiary Intercommercial Trust and Merchant Bank Ltd, reported a profit before tax of TT$16.2 million, just lower than the prior year’s TT$16.4 million at the end of the financial year 2016/17.

The group posted a net profit of $3.35 billion and an operating revenue of $14.6 billion, an increase of 28.2 per cent over the prior year led by strong results from its operations in Jamaica and improved results from the Trinidad operations over the years.

Meanwhile, JMMB’s Dominican Republic operations recorded steady results as the company continued to build out new business lines and operations in 2016.