The JMMB Group will have its first commercial bank in the Dominican Republic.
This as the JMMB Holding Company, SRI and its parent JMMB Group Ltd have received final regulatory approval for the purchase of 100 per cent of the shares in Banco Múltiple Bell Bank in the Dominican Republic.
It has also received the go-ahead to proceed with a merger of the newly bought entity with Banco Ahorro y Crédito, JMMB Bank, S.A., a savings and loan bank acquired by JMMB Group in 2014.
The merger and integration of both banking entities are expected to take place within the next six months, starting from July 28, 2022, or based on operational readiness, whichever comes sooner and based on the regulatory approval granted by the monetary board of the Dominican Republic, JMMB said in a statement.
Keith Duncan, CEO of JMMB Group said the acquisition and merger complements the company’s regional diversification strategy as it seeks to leverage operational efficiencies and synergies, introduce innovative financial solutions, while fulfilling the needs of clients across the Caribbean.
In a statement, the Group said it is now poised to expand its range of offerings in the Dominican Republic, as an integrated financial services provider with this approval.
«This is in line with our commitment to pursue inorganic growth by constantly exploring market opportunities that fit within the Group’s diversification strategy and deepening our market share in the countries in which we operate,» the statement added.
Since starting operations in the Dominican Republic in 2007, JMMB Group’s operations in that country now include: stockbrokerage-JMMB Puesto de Bolsa S.A.; fund management—JMMB Funds; savings and loans bank—Banco Ahorro y Credito Rio (Banco Rio) and pension fund administrator —AFP JMMB BDI, S.A.
JMMB’s performance in the Dominican Republic has continued to show positive results as evidenced by its contribution of 23 per cent, or J$2.8 billion to the Group’s 2021/22 financial year net profit of J$12.02 billion.
This strong performance in the Dominican Republic was underscored by credit rating agency, Pacific Credit Rating (PCR) which recently upgraded Banco Ahorro y Credito Rio (Banco Rio) JMMB Bank’s rating to a BBB+ while the investments arm, Puesto de Bolsa, received an A- rating from credit rating agency, Feller Rate, the statement added.
LINK ORIGINAL: The Trinidad Guardian