INSIDE BUSINESS: JMMB OPENS NEW BRANCH

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In our Inside Business segment, we take a look at the expansion of JMMB Trinidad with its latest branch.  Last week Thursday, the Jamaica Money Market Brokers Bank which also has operations in Jamaica, Dominican Republic and Barbados, opened a new location locally.  And already, the Country CEO announced the bank’s next planned branch opening.  Reporter Cindy Raghubar-Teekersingh was in Princes Town for the official launch.

Transcript

00:00Geographically south and considered very rural by some, Princestown was selected by JMMB Trinidad

00:20as the location for its newest branch as the bank continues to expand operations locally.

00:26On Thursday, Princestown MP Barry Podarath said it was a welcomed initiative that he

00:32believes could potentially boost both the people and communities in the area against

00:38the backdrop of a declining economy.

00:40You are coming in at a time in Princestown to service these areas where you have to understand

00:47the capacity of those that will be participating and engaging your services.

00:56And you are coming in at a time when unemployment is high, when persons are looking for business

01:04opportunity through small loans, through commerce and finance, and these are the challenges

01:10that you will face, particularly with a very frustrated population.

01:15The JMMB Group's country CEO Sean Moses boasted of the bank's growth in its decade in Trinidad.

01:23At the start of this fully owned JMMB journey in 2013, JMMB Trinidad would have contributed

01:29less than 5% of our regional group's consolidated operating revenue, less than 5%.

01:38By the end of fiscal 2024, so that's March 2024, Trinidad, Trinidad's contribution to

01:44the group would have grown to 15%.

01:47He says while they look forward to engaging the communities of Princestown and Environs,

01:53they are already working on the bank's next location.

01:57I'm excited to announce our next location, next location already, right, that's been

02:03mindful of the economy and the challenges, but we are growing as an organization, I mentioned

02:07the performance.

02:08Our next location will be in the sister isle of Tobago.

02:12Also attending the event, the High Commissioner to Jamaica said this expansion of JMMB is

02:18just the latest example of a thriving relationship both countries continue to share.

02:25Quite often in Jamaica, my children who grew up thinking that some of the products in our

02:30supermarkets in Jamaica were actually Jamaican, chubby, bigfoot, you couldn't tell them until

02:37recently that those weren't Jamaican products because they're so popular in our island.

02:43And now to see a bank thriving in the other direction, it's a proud moment for Jamaica.

02:49Cindy Raghubar-Tikasingh, TV6 News.

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