Since its inception, JMMB has established itself as one of the leading brokerage houses in the Caribbean. The JMMB Group now offers a wide range of investment solutions, banking and insurance services in Jamaica, Trinidad & Tobago and the Dominican Republic. Known for its pioneering spirit, the JMMB Group has consistently introduced new products and services to its extensive client base of over 200,000 – individual, corporate and institutional.
JAMAICA: THE BEGINNING
The brainchild of the late Joan Duncan, JMMB 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 securities dealers with several subsidiaries in Jamaica, including: JMMB Securities Ltd, JMMB Insurance Brokers Ltd, JMMB Merchant Bank Ltd, Capital & Credit Remittance Ltd (Reggae Money Express), and JMMB Fund Managers Ltd. The JMMB Group, inclusive of its subsidiaries, has over four hundred team members, thirteen locations and twelve Electronic Transaction Machines (ETMs), most offering dual currency options island-wide to ensure convenient access to a wide client base.
Vision + Values + Expertise = Phenomenal Success.
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), as at 2013 JMMB owns 100% of the IBL Group in Trinidad & Tobago. In late 2012, the company opened JMMB Investments T&T.
JMMB Dominican Republic 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. There are currently two locations in the Dominican Republic.
JMMB is listed on the Jamaica, Barbados and Trinidad and Tobago Stock Exchanges.
BUSINESS LINE DIVERSIFICATION
On June 29, 2012, JMMB successfully completed the transaction to acquire the Capital & Credit Financial Group (CCFG) in Jamaica. This enables the expansion of the JMMB Group to include the provision of Merchant Banking, Remittance and Unit Trust products and services to its extensive client base.
This transaction has resulted in tremendous benefits for shareholders of both companies and their clients. It gives the expanded entity the opportunity to deliver stronger financial performance and increased efficiencies by extracting synergies in products, technology platforms and operations. This has increased the overall growth prospects of the JMMB Group and shareholder value.
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.
In 2013 JMMB gained full ownership of its first commercial bank. JMMB’s goal of becoming a fully-integrated regional financial services company was boosted with approval from the Central Bank of Trinidad & Tobago (CBTT) to acquire 100% of Intercommercial Bank Ltd. and Intercommercial Trust & Merchant Bank Ltd. (IBL Group) in Trinidad & Tobago (T&T).
Indeed, the Companies core values’ and principles ensure that JMMB 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
- Financial Advisory Services
- Retail and Commercial Banking
- Corporate Finance
- Equities Trading
- Bond Trading
- Unit Trust
- Cambio and FX Trading
- Remittance Services
- Capital Markets Offerings
- Pensions Management
- Insurance Brokerage (for individuals and companies)
SUMMARY OF KEY PERFORMANCE HIGHLIGHTS FROM JMMB GROUP UNAUDITED NINE MONTHS FINANCIAL RESULTS- DECEMBER 31,2014 :
Net Profit of J$1.95 billion
Earnings per Stock Unit of J$1.14
Net Interest Income up 7.1%
Operating Revenues of J$7.8 billion, grew by 18.1%
Return on Equity 13.8%
Efficiency ratio 69.9%
JMMB takes its role as a socially responsible corporate citizen very seriously and thus has been 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.
Throughout the years, our branches have extended our Vision of Love to communities across Jamaica, 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 JMMB’s operations in the DR and Trinidad and Tobago in supporting local community initiatives.
Solidity, ethics, integrity and openness are hallmarks of JMMB as seen in all aspects of our operations.