JMMB Group has restructured the organization of companies in the group, effective March 31.
The company disclosed that the move was in compliance with stipulations of the Banking Services Act of 2014, which require financial services companies to be held separate from non-financial operations.
JMMB has therefore incorporated JMMB Financial Holdings, a wholly owned subsidiary of the JMMB Group.
JMMB FH now holds Jamaica Money Market Brokers, and its financial subsidiaries which include JMMB Securities, JMMB Insurance Brokers, and JMMB Fund Managers.
JMMB Bank (Jamaica) and JMMB Money Transfer will also fall under the holding company.
JMMB Financial Holdings has applied to become recognised by the Bank of Jamaica as a financial holding company.
JMMB has stressed there is no change to its operations as a result of the restructuring and the other non-financial entities which include JMMB Real Estate, will remain under JMMB Group Limited.
VM Group and parent company of Barita Investments, Cornerstone, recently announced their own plans to restructure.
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