JMMB Group Limited (JMMBGL) Announces The Acquisition Of Banco Múltiple Bell Bank SA
- JMMB Holding Company, SRL and its parent JMMB Group Limited have received final regulatory approval for the purchase of 100% of the shares in Banco Múltiple Bell Bank, S.A. in the Dominican Republic as well as to merge said entity with Banco Ahorro y Crédito, JMMB Bank, SA on July 28, 2022.
- This is a significant milestone for the JMMB Group, as this will be their first commercial bank in the Dominican Republic.
- The JMMB DR Group currently includes the brokerage house, JMMB Puesto de Bolsa SA, a fund management company, JMMB Funds, and a pension fund administrator company AFP JMMB BDI, S.A.
- This acquisition and merger complement their regional diversification strategy as the company seeks to more effectively fulfil the financial needs of the local market in the Dominican Republic.
- Along with diversifying the company’s revenue streams, the acquisition is expected to further improve the company’s bottom line which saw a 54.2% increase in the last financial year (March 2022) over its prior period.