JMMB Group to acquire AIC Securities
Jamaica-based financial institution JMMB Group has announced it has received approval from its regulators to complete a transaction that will see it ultimately acquiring 100 per cent ownership of securities dealer AIC Securities Ltd in Trinidad and Tobago.
The successful completion of the AIC Securities acquisition will serve to further deepen the group’s foray into Trinidad and Tobago in a way that provides an even more diversified bundle of financial solutions that serve to meet the financial goals and needs of its clients at every stage of their life, JMMB said in a statement from its Kingston, Jamaica, offices yesterday.
The announcement came on the heels of the JMMB Group’s acquisition of Trinidad and Tobago’s Intercommercial Bank (IBL Bank) and Intercommercial Trust & Merchant Bank, a transaction that was completed in October, 2013, JMMB said.
JMMB has operations in Jamaica, the Dominican Republic and Trinidad and Tobago. Its lines of business span securities dealing, stock brokering, foreign exchange trading, insurance brokering, banking and remittances. It is listed on the Trinidad and Tobago, Barbados and Jamaica Stock Exchanges.
JMMB Group CEO Keith Duncan said: “As JMMB seeks to fulfil its commitment to its clients and stakeholders, we are again happy to be given yet another opportunity to further expand our slew of offerings to the T&T market, to be delivered with our signature style of client care.
“We remain dedicated to taking all of the steps necessary to ensure that we deliver customised financial solutions, in a way that adds value to all those who partner with us in the achievement of their financial objectives.”