By Ashford W. Meikle, Staff ReporterJAMAICA MONEY Market Brokers (JMMB) is firmly on track with its Caribbean expansion plans, deputy managing director of JMMB, Keith Duncan, told Wednesday Business.
Earlier this year JMMB bought Intercommercial Bank Limited in the twin island republic. One of its senior executives, Jack Shirley, was sent to oversee the ownership transfer.
"We've done our due diligence (and) are fine-tuning our operations and are now awaiting regulatory approval," explained Mr. Duncan. He said several of JMMB's senior managers assisted in working out the logistics of the transfer of Intercommercial Bank Limited.
A small financial entity in Trinidad, the bank has two branches and an asset portfolio of US$50 million. Expanding on JMMB's plans for Inter-commercial, Mr. Duncan said it will play a pivotal role in establishing the JMMB brand name regionally, especially in light of the establishment of the Caribbean Single Market Entity (CSME).
"We plan to increase our presence in Trinidad and throughout the wider Caribbean," he said.
"Our (operations) in Barbados are moving ahead of projections," Mr. Duncan, told Wednesday Business.
Opened on June 21, CMMB Barbados represents a deepening of JMMB's operations in the Caribbean. In 2000 JMMB established Caribbean Money Market Brokers (CMMB) with partnership with the Trinidadian companies, CL Financial and CLICO Investment Bank. CMMB Trinidad has funds under management of approximately US$800 million.
Rather than focusing on market share JMMB is more interested in targeting a specific niche market and providing quality, individual customer service.
"JMMB started (with options) packaged for the individual client," he said. "With our track record we can create room for growth."
