Jamaica Money Market Brokers Limited acquires Trinidad & Tobago’s Intercommercial Bank

The Jamaica Money Market Brokers Limited (JMMB) now has a 100 percent shareholding in Trinidad & Tobago’s Intercommercial Bank (IBL).

This follows the company’s acquisition of the remaining 50 percent shareholding held by the Mittal family of India yesterday. The transaction was confirmed in a brief statement which also said that the shareholding disposed of was owned by private companies connected to the Mittal family.

The Jamaica Money Market Brokers Group had previously acquired a 50 percent stake in the Trinidad & Tobago-based bank from the Mittal family companies in December 2004. In September this year, the Jamaican company announced plans to fully acquire the IBL and Intercommercial Trust and Merchant Bank after getting approval from Trinidad & Tobago’s Central Bank.

With this purchase the Jamaica Money Market Brokers now owns its first commercial bank, adding to their existing fleet of operations in Jamaica, Trinidad & Tobago and the Dominican Republic.

The result is a much larger Caribbean financial institution providing integrated services to businesses and customers in the CARICOM (Caribbean Community) region.

The Jamaica Money Market Brokers Group CEO, Keith Duncan spoke about the planned bank acquisition at the group’s annual general meeting in Jamaica last month. “As an indigenous Caribbean financial services company, we are excited about this opportunity to further build out banking services in the Trinidad & Tobago market,” he said.

“The Jamaica Money Market Brokers and Intercommercial Bank share a commitment to genuine client care, flexibility and responsiveness, and together we will build on that, to the benefit of our clients. The strength and commitment of the Intercommercial Bank team, coupled with the JMMB Group’s regional reach, expertise and focus on valuing each client, make a formidable partnership,” he added.

The Jamaica Money Market Brokers lines of business span securities dealing, stock brokering, foreign exchange trading, insurance brokering, banking and remittances. It is listed on the Trinidad & Tobago, Barbados and Jamaica Stock Exchanges.