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DOM REP | Aug 4, 2022

JMMB gets green light to purchase Dominican Republic bank

/ Our Today

administrator

JMMB merges with the DR’s Banco Múltiple Bell Bank, S.A

The offices of JMMB in New Kingston, Jamaica.

Durrant Pate/Contributor

The Jamaica-based regional financial group, JMMB, has got the green light to acquire Banco Múltiple Bell Bank, S.A. out of the Dominican Republic.

Banco Múltiple Bell Bank, S.A. is a full service financial institution offering retail banking, wholesale banking and treasury and money market services in the Dominican Republic and Chile. JMMB Holding Company, SRL and its parent JMMB Group Limited, have received final regulatory approval for the purchase of 100 per cent of the shares in Banco Múltiple Bell Bank, S.A.

In addition to the sale of the shares, the authorities have also given approval for the merger of Banco Múltiple Bell Bank, S.A. with Banco Ahorro y Crédito and JMMB Bank, S.A. on July 28, 2022. 

This is a significant milestone for the JMMB Group, as this will be its first commercial bank in the Dominican Republic.

Regional diversification strategy

This acquisition and merger complements JMMB Group’s regional diversification strategy as it seeks to more effectively fulfill the financial needs of the local market in the Dominican Republic. The JMMB DR Group currently includes the brokerage house, JMMB Puesto de Bolsa SA, a fund manager company, JMMB Funds and a pension fund administrator company, AFP JMMB BDI, S.A.

JMMB Group operates 22 branches with 11 in Jamaica, 10 in Trinidad and two in the Dominican Republic. The management is not ruling out expanding to other countries that have a heavy presence of Caribbean nationals, such as the United States and the United Kingdom.

The group earned J$12 billion for the year ending March 2022, up from J$7.7 billion a year earlier, buoyed by growth in revenue and improved dividend income. All territories added profit to the group which operates in Jamaica, Trinidad & Tobago, and the Dominican Republic.

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