Jamaica Money Market Brokers (JMMB) has advised through its Trinidadian subsidiary, JMMB Investments (Trinidad and Tobago), that it received the approval of regulators for the acquisition of AIC Securities, a securities dealer and stockbroker headquartered in Trinidad. JMMB will now move to complete the transaction, which upon successful completion, will see it acquiring 100% of AIC Securities, a member of the AIC Financial Group Limited.
The Report out of Trinidad indicates that JMMB Group’s CEO Keith Duncan at an investors briefing “articulated that the Group continues to position itself as an integrated financial services provider with its regional expansion marked by the impending opening of JMMB Investments TT, its ownership of IBL Bank, alongside a pending bank acquisition in the Dominican Republic and the improved performance of the JMMB Merchant Bank in Jamaica.”
It should be noted that Michael Lee-Chin is the Chairman of AIC Financial Group Limited. In 2012, NCB Capital Markets had previously acquired AIC Finance, a merchant bank that operates in Trinidad.
AIC Securities offers portfolio management, investment advisory, and stock brokerage services, and is a member of the Trinidad & Tobago Stock Exchange.
JMMB is an IC Insider Buy Rated Stock.
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