JMMB buys local bank to expand its services

JMMB Holding Company, SRI and its parent JMMB Group Limited are the new owners of Banco Múltiple Bell Bank in the Dominican Republic. The bank will be merged with the company loans and savings bank.

“This acquisition and merger complement our regional diversification strategy as we seek to leverage operational efficiencies and synergies and introduce innovative financial solutions while fulfilling the needs of our clients across the Caribbean,” stated JMMB Group CEO Keith Duncan.

He added: “The group is now poised to expand its range of offerings in the Dominican Republic, as an integrated financial services provider, with this approval.”

Duncan says JMMB seeks to deepen its market share in the countries in which it operates, namely Jamaica and Trinidad and Tobago.

The merger and integration of both banking entities are expected to take place within the next six months, starting from 28 July 2022.

A Jamaican company, JMMB began operations in the Dominican Republic in 2007. The company now is made up of:
Stock brokerage-JMMB Puesto de Bolsa S.A.
Fund management – JMMB Funds;
Savings and loans bank – Banco Ahorro y Credito Rio (Banco Rio);
Pension fund administrator – AFP JMMB BDI, S.A.
Commercial bank – Banco Múltiple Bell Bank

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Jamaica Loop News

8 August 2022