KINGSTON, Jamaica – The Jamaica-based JMMB Group Limited (JMMBGL) says it has acquired full control of the Banco Múltiple Bell Bank, SA in the Dominican Republic and plans to merge it with Banco Rio De Ahorro Y Credito JMMB Bank, SA, a savings and loan financial institution in which it has a 90 per cent stake.
“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,” said JMMB Group Chief Executive Officer (CEO) Keith Duncan.
Banco Múltiple had US$30.54 million in total assets at the end of 2021 and US$3.99 million in shareholders’ equity or capital. Banco Múltiple was last profitable in 2018.
JMMB Group did not disclose the amount paid for acquiring the shares , but the Group had a balance sheet of J$614.47 billion (One Jamaica dollar=US$0.008 cents) in cash and cash equivalents of J$62.18 billion at the end of the 2022 financial year. The JMMB Group will be releasing its first quarter numbers later this month.
JMMB entered the Dominican Republic in 2007 when it formed fund manager JMMB Puesto de Bolsa, SA. The JMMB Group acquired its interest in Banco Rio in July 2015.