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JMMB Merchant Bank Limited Receives Commercial Banking Licence Approval

JMMB Group Limited (JMMBGL) has advised that the Bank of Jamaica has approved JMMB Merchant Bank’s (JMMBMB) application to upgrade its existing (merchant bank) licence, to a commercial banking licence.  The BOJ’s approval is the first step in the process of transitioning JMMB’s operations to commercial banking operations in the near future.

JMMBMB is a subsidiary of the JMMB Group Limited.  In 2012, JMMB acquired the Capital & Credit Financial Group (CCFG) in Jamaica, which allowed JMMB to offer clients merchant banking, as well as remittances and unit trust products and services.  That acquisition helped to form the foundation for this significant commercial banking licence approval milestone.

The JMMB Group, which serves approximately 220,000 clients in Jamaica, Trinidad and Tobago and the Dominican Republic combined, has long-awaited the opportunity to expand its offerings, especially, in the area of commercial banking, to better serve its growing client base in Jamaica.