The Bank of Jamaica has granted Barita Financial Group a licence to operate as a financial holding company, marking a major regulatory milestone for the expanding financial services group.
The licence allows the company to operate under the consolidated supervisory framework outlined in Jamaica's Banking Services Act.
Parent company, Cornerstone Financial Holdings, says the approval strengthens governance, group-wide risk and management and regulatory oversight across the Barita Financial Group's banking, securities and related financial operations.
The licence follows a court-approved reorganisation that took effect in April last year, which established Barita Financial Group as the holding company for Barita Investments, Barita Unit Trust Management Company and Cornerstone Trust and Merchant Bank.
Mark Myers, Chairman of Barita and Director of Barita Financial Group Limited, described the approval as a major milestone, saying the structure of better position the group to deliver more integrated financial solutions while maintaining stronger oversight and governance.
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