JMMB Holdings Ltd, together with its parent company JMMB Group Ltd and SRI, has acquired 100 per cent of the shares in the Dominican Republic bank Banco Múltiple Bell Bank, SA.
Additionally, it has also successfully completed a merger between the bank and Banco Ahorro y Crédito, JMMB Bank, SA, a savings and loan bank, acquired by JMMB Group in 2014.
A press release on Thursday said the acquisition was given final regulatory approval on July 28 and will provide JMMB Group with its first commercial bank in the Dominican Republic, to add to the ones it already has in TT and Jamaica.
CEO of JMMB Group Keith Duncan said the purchase is in alignment with JMMB's goals.
"This acquisition and merger complements our regional diversification strategy as we seek to leverage operational efficiencies and synergies, introduce innovative financial solutions, while fulfilling the needs of our clients across the Caribbean."
He said JMMB is now poised to become its range of offerings in the Dominican Republic by becoming an integrated financial services provider there.
He added, “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 merger is set to be completed within the next six months, starting from July 28, or based on operational readiness, whichever comes first.
The release said JMMB’s performance in the Dominican Republic has continued to show positive results, contributing 23 per cent, or $2.8 billion Jamaican dollars, to the group’s 2021/22 financial-year net profit of
$12.02 billion Jamaican dollars.