The Bank of Jamaica has approved JMMB Merchant Bank’s application to upgrade its existing licence to a commercial bank licence. The announcement was made in a statement on Thursday.
The BOJ’s approval is just the first step in the process of transitioning JMMB Merchant Bank’s operations, to commercial banking operations.
JMMB Merchant Bank is a subsidiary of the JMMB Group.
In 2012, JMMB acquired the Capital & Credit Financial Group (CCFG) in Jamaica, which allowed JMMB to offer clients merchant banking, as well as remittances and unit trust, products and services.
That acquisition helped to form the foundation for this significant commercial banking licence approval milestone.
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