Kingston.– The JMMB Group continues its expansion in the Dominican Republic after receiving regulatory approval for the acquisition of 90 per cent of the shares of Banco Ahorro y Credito Rio (Banco Rio), through its Dominican subsidiary JMMB Holding Company Limited, the Jamaica Observer reported Friday.
According to the report, the additional 10 per cent is owned by a private investor. JMMB said the acquisition will deepen its presence in the Dominican Republic’s financial sector and is in keeping with the Group’s strategy of building out its regional integrated financial services model, the newspaper published.
JMMB started operations in the Dominican Republic with its investment services offering, through its subsidiary, JMMB Puesto de Bolsa, headquartered in Santo Domingo. As quoted by the Jamaica Observer, Group CEO Keith Duncan said: "We remain dedicated to ensuring that we deliver customized financial solutions to our clients, in a way that adds value to them and our stakeholders."