BOJ Grants Financial Holding Company Licence to Barita Financial Group

  • The Bank of Jamaica (BOJ) has issued a Financial Holding Company (FHC) licence to Barita Financial Group Limited (BFGL), bringing the Group under the supervisory framework of the Banking Services Act (BSA), 2014.
  • Specifically, the BSA mandates that where a group of financial services entities includes a deposit-taking institution and another financial services entity, the FHC structure is the regulatory architecture that allows for appropriate consolidated supervision, clearer lines of accountability, stronger group-wide risk management, and more effective governance across banking, securities, and related financial activities.
  • It provides the framework through which the regulator can assess the Financial Group on a consolidated basis while ensuring that growth, innovation, and diversification are supported by disciplined oversight at the parent company level.
  • This milestone builds on a court-sanctioned composite Scheme of Arrangement (the Schemes), the implementation of which was overwhelmingly approved by shareholders of Barita Investments Limited (Barita) and Cornerstone United Holdings Jamaica Limited at meetings held in January 2025. Consequently, this led to a reorganisation, which took effect on April 11, 2025, where BFGL became the holding company for Barita, Barita Unit Trusts Management Company Limited, and Cornerstone Trust & Merchant Bank Limited. The reorganisation established the corporate foundation necessary for the subsequent grant of the FHC Licence and was necessary for the Group to comply with the requirements of the BSA.
  • Mark Myers, CD, Chairman of Barita and Director of BFGL, described the FHC licence as a major milestone that recognises the disciplined work done across the business to meet elevated standards of group-wide oversight. He noted that the new FHC structure positions the Financial Group to serve clients more effectively across its entire ecosystem.
  • Barita’s stock price declined by 4.8% year-to-date, closing at $68.59 as at Tuesday, May 26, 2026. At this price, the stock trades at a price-to-book (P/B) ratio of 2.3x, which is higher than the Main Market Financial Sector’s average of 1.1x

(Sources: JSE &NCBCM Research)