Business
Bank of Jamaica approves of JMMB acquisition of CCFG
The Bank of Jamaica (BOJ) has signed off on Jamaica Money Market Brokers (JMMB)’s acquisition of Capital and Credit Financial Group (CCFG), virtually guaranteeing approval of the finance ministry for the banking licence, the prize most sought by the brokerage, well-placed sources have said.
That confirmation came last night. JMMB and CCFG said in a joint press release that Finance Minister Dr Peter Phillips advised that he intends to approve the deal and has given the go-ahead for JMMB to proceed with the offer to acquire CCFG.
CCFG will in turn issue a directors’ circular providing its recommendation to shareholders on whether to accept the JMMB offer.
The confirmation came after separate sources had confirmed that positive response from the minister was “looking good”.