Since its inception, the JMMB Group has established itself as one of the leading brokerage houses in the Caribbean, now offering a wide range of investment solutions, banking and insurance services in Jamaica, Trinidad & Tobago and the Dominican Republic. Known for its pioneering spirit, the Company has consistently introduced new products and services to its extensive client base of over 190,000 – individual, corporate and institutional.
JAMAICA: THE BEGINNING
The brainchild of the late Joan Duncan, JMMB Ltd. opened for business in November 1992 as the first Money Market Broker in Jamaica. The vision was to provide great investment opportunities to Jamaicans from all walks of life and companies of all sizes so they could benefit from great returns on safe investments. As Possibility Thinkers, Joan Duncan and co-founder Dr. Noel Lyon, created a company based on love that was committed to serving its clients, team members and shareholders.
Since then, the Company has become one of Jamaica’s largest, most successful financial institutions, with two subsidiaries in Jamaica – JMMB Securities Ltd. and JMMB Insurance Brokers Ltd. JMMB, inclusive of its subsidiaries, has over 320 team members, nine branches and ten Electronic Transaction Machines (ETMs), most offering dual currency options island-wide to ensure convenient access to a wide client base. Today, we are Jamaica’s third largest financial institution.
In line with our 2025 vision, the JMMB Group began its expansion to other Caribbean markets in 1999, through a successful joint venture establishing Caribbean Money Market Brokers (CMMB) in Trinidad and Barbados.
In 2005, as a means of deliberate business line diversification in the region, JMMB acquired 50% shareholding in Intercommercial Bank Ltd. (IBL Group) in Trinidad and Tobago.
JMMB Dominicana opened its doors in 2006 and in October 2007 our newly-formed company was officially called JMMB Puesto de Bolsa with a mandate to actively develop the Money Market in one of the largest Spanish-speaking Caribbean islands.
JMMB is listed on the Jamaica, Barbados and Trinidad and Tobago Stock Exchanges.
BUSINESS LINE DIVERSIFICATION
In November 2007, in Jamaica, the JMMB Group launched a new suite of credit services which included home equity, motor vehicle, general purpose and commercial loans. That year, the Group saw the largest oversubscription in Jamaica’s financial history with its first Preference Share offering.
In continuously applying strategic decision-making to maximize on opportunities, in 2008 JMMB realized a significant return on investment from the sale of its minority equity holding in CMMB and exited Barbados. In 2009, our operations in the Dominican Republic successfully completed negotiations to acquire majority shareholding in a Savings and Loans bank. And are awaiting final regulatory approval to complete the acquisition and expand its offerings. JMMB’s formula: Vision + Values + Expertise = Phenomenal Success.
Indeed, the Company’s core values and principles ensure that the JMMB Group continues on a path of sustainable growth in profitability and consistent growth in our client base through our commitment to meeting their needs.
FULFILLING OUR CLIENTS’ NEEDS – THE MAIN ACTIVITIES OF OUR GROUP OF COMPANIES ARE:
- Investments: J$, TT$, Peso, US$, Pounds, Euro, and CAD$
- Portfolio Management
- Commercial and Retail Loans
- Financial Advisory Services
- Savings: J$, TT$, Peso, US$
- Commercial and Retail Loans
- Corporate Finance
- Pensions Management
- Insurance Brokering (for individuals and companies)
SUMMARY OF KEY PERFORMANCE HIGHLIGHTS (AUDITED FINANCIALS 2011-12):
- Net Profit of J$2.24 billion (US$25.7 million) – highest profits generated by the Company in its 20-year history
- Net Interest Income up 40.5%
- Other Operating Revenue up 55.6%
- Efficiency Ratio improved to 53.6% from 63.1%
On June 29, 2012, the JMMB Group successfully completed the transaction to acquire the Capital and Credit Financial Group (CCFG) in Jamaica. This enables the expansion of the Group to include the provision of Banking, Remittances and Unit Trust products to its extensive client base. This transaction will result in tremendous benefits for shareholders of both companies as well as clients. It will give the expanded entity the opportunity to deliver stronger financial performance and increase efficiencies by extracting synergies in products, technology platforms and operations. This will increase the overall growth prospects and shareholder value.
The Group takes its role as a socially responsible corporate citizen very seriously and a guiding principle which has been in our DNA since inception. Hence, our structured programmes of Corporate Social Responsibility are delivered primarily through the Joan Duncan (JD) Foundation and localized community initiatives in the countries within which we operate.
LOCALIZED COMMUNITY INITIATIVES:
Throughout the years, our branches have extended our Vision of Love to communities across Jamaica and in particular the communities in which we operate, through their support of various initiatives in the areas of sports, health, education and general outreach. That same commitment to corporate social responsibility is key to the JMMB Group’s operations in the DR and Trinidad and Tobago in supporting local community initiatives.
Solidity, ethics, integrity and openness are hallmarks of the JMMB Group as seen in all aspects of our operations.