JMMB Merchant Bank is now a licensed commercial bank operating as JMMB Bank (Jamaica) Ltd.

The group’s entry into the commercial banking sector became official on Monday, making it the eighth commercial bank operating on the island.

It also marks a significant milestone for JMMB, which is celebrating its 25th year of operation, and will aid the group in continuing with its original vision of providing a unique kind of financial partnership to clients.

The company told the Jamaica Observer that it plans on unveiling the new brand in September.

JMMB’s transitions into a commercial bank follows the approval by the Bank of Jamaica in September 2016 of JMMB Merchant Bank’s (JMMBMB) application to convert its merchant banking operations.

The roll-out of the rebranded entity, JMMB Bank, will see commercial banking services being introduced to all three of the former merchant bank’s locations in Ocho Rios, Montego Bay and on Knutsford Boulevard.

The bank intends to roll out additional branches, three of which are anticipated to be integrated financial life goals centre, by the end of 2018, bringing to total six centres across the island.

Complete banking services are now being offered at additional locations across JMMB’s network, specifically Portmore and Mandeville.

“In a bid to fulfil the JMMB Group’s vision and mandate of being a financial life goals centre that is committed to helping its clients achieve their life goals, integrated branch locations will now offer a full suite of commercial banking services in addition to investments, money transfer services, and insurance brokerage solutions,” JMMB Bank’s CEO, Jerome Smalling, said in a press release from the company.

He added that the company is actively pursuing expansion in a bid to extend its commercial banking footprint and better serve its client base. JMMB was however mum on the locations, noting that it would need to get regulatory approval before disclosing such details.

JMMB Bank revealed that it expects to bolster its loan and deposit portfolios with the introduction of new offerings to complement its current suite of banking solutions.

Additionally, accounts are available in five currencies with no monthly maintenance fees and clients have islandwide access via the Multilink network along with free in-branch transactions.

The bank has also upgraded its online banking platform, JMMB Bank Moneyline, to provide clients with greater access while facilitating ease of transactions.

In keeping with the group’s strategy to further target small and medium-sized enterprises, the bank is also placing emphasis on its existing small business account.

“In operating as a commercial bank, we will maintain our ability to provide an enjoyable client experience alternative to Jamaica’s current banking landscape. Additionally, we will provide value-added services and continue to eliminate non-value-added fees, while offering easy and convenient access to services through our digital channels. Client satisfaction remains our top priority and we will continue to deliver on JMMB’s brand promise,” Smalling said.