Business
DOM | Aug 5, 2022

JMMB Group acquires Banco Múltiple Bell Bank in the Dominican Republic

/ Our Today

administrator
JMMB Group CEO, Keith Duncan. (Photo contributed)

JMMB Holding Company, SRI and its parent JMMB Group Limited, on Thursday, July 28, received final regulatory approval for the purchase of 100 per cent of the shares in Banco Múltiple Bell Bank, S.A. in the Dominican Republic, as well as merger of that entity with Banco Ahorro y Crédito, JMMB Bank, S.A., a savings and loan bank, acquired by JMMB Group in 2014.

This acquisition will provide JMMB Group with its first commercial bank in the Dominican Republic.

Keith Duncan, CEO of JMMB Group, outlined, “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. The group is now poised to expand its range of offerings in the Dominican Republic, as an integrated financial services provider, with this approval.”

“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,” Duncan added.

The merger and integration of both banking entities is expected to take place within the next six months, starting from July 28, 2022, or based on operational readiness, whichever comes sooner, based on the regulatory approval granted by the Monetary Board of the Dominican Republic.

Since starting operations in the Dominican Republic in 2007, JMMB Group’s operations in that country now include stock brokerage – JMMB Puesto de Bolsa S.A.; fund management – JMMB Funds; savings and loans bank – Banco Ahorro y Crédito Rio (Banco Rio); and pension fund administrator – AFP JMMB BDI, S.A.

The JMMB Group’s performance in the Dominican Republic has continued to show positive results, as evidenced by its contribution of 23 per cent, or J$2.8 billion, to the group’s 2021/22 financial year net profit of J$12.02 billion.

This strong performance in the Dominican Republic was underscored by credit rating agency, Pacific Credit Rating (PCR), which recently upgraded Banco Ahorro y Crédito Rio (Banco Rio) JMMB Bank’s rating to a BBB+; while the investments arm, Puesto de Bolsa, received an A- rating from credit rating agency, Feller Rate.

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