By Javaughn Keyes
The Bank of Jamaica (BOJ) says by the end of 2023, there were three more financial institutions that applied for financial holding company (FHC) status.
In it's annual report, the central bank says by end of June 2024, it expects to process applications for Scotia Group Jamaica, GK Financial Group and Barita Financial Group.
Based on the Banking Services Act (2014), a corporate group which includes both financial entities and non-financial entities must be reorganised, separating the financial services companies from the non-financial companies.
The financial entities would fall under a registered financial holding company.
The BOJ says this change was critical in facilitating its consolidated regulation and supervision of financial groups.
By the end of last year, five financial holding companies were licensed by the BOJ since the enactment of the Banking Services Act, (Financial Holding Companies)(Licensing Application Form) Rules set in 2019.
They are: NCB Financial Group, JN Financial Group, JMMB Financial Holdings, Sagicor Group Jamaica and VM Financial Group.