JMMB Holding Company has been given the green light to make a strategic purchase of Banco Múltiple Bell Bank, S.A. in the Dominican Republic. Additionally, within this deal, that bank will be able to merge with Banco Ahorro y Crédito.
This will be JMMB Group’s first purchase of a commercial bank in the Dominican Republic. It will also help them to position themselves within a market that is going and seeing a high rate of financial activity despite the challenges of the pandemic.
Prior to this purchase, the Dominican Republic market is not foreign to JMMB. Currently, they have an entire entity in Dominica called JMMB DR Group and it includes a brokerage house, JMMB Puesto de Bolsa SA, which is a fund management company, JMMB funds, and a pension fund administrator company AFP JMMB BDI, S.A.
This acquisition further adds to JMMB Group’s overall presence in the market which they will take full advantage of to serve clients and also improve their overall revenue. It’s yet to be seen how they will cope with the entire market.
This has been a good year for JMMB Group (JMMBGL), recently they have recorded a year-end profit of approximately $12 billion, reflecting a 56 percent increase in earnings year-over-year for the overall company.
