May 2013 Financial News

JMMB - Acquisition of IBL Group Limited

May 16, 2013

Jamaica Money Market Brokers Limited has informed the Stock Exchange that since 2004 it has owned 50% of the shareholdings in the Intercommercial Banking Group (IBL Group) based in Trinidad & Tobago, which comprises Intercommercial Bank Ltd and Intercommercial Trust and Merchant Bank Ltd. In accordance with JMMB’s business line and regional diversification strategy, the Company is in the process of negotiating to acquire the remaining 50% shareholdings of the IBL Group and hopes to sign a Shareholder’s Purchase Agreement soon. The acquisition is, however, subject to the receipt of regulatory approval from the required regulators.


Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday May 16, 2013