Shawn Moses has been ap­point­ed as coun­try CEO for the JMMB Group’s T&T Op­er­a­tions, ef­fec­tive Jan­u­ary 2, 2024.

The an­nounce­ment was made yes­ter­day on a post on the T&T Stock Ex­change (TTSE) web­site fol­low­ing a no­tice the TTSE re­ceived from JMM­BGL ad­vis­ing of Moses’ po­si­tion.

Ac­cord­ing to the no­tice, Moses will now have strate­gic and op­er­a­tional over­sight for the JMMB Group Ltd’s T&T sub­sidiaries, name­ly: Ja­maica Mon­ey Mar­ket Bro­kers (T&T) Ltd and its sub­sidiaries which are JMMB Bank (T&T) Ltd and its sub­sidiary JMMB Ex­press Fi­nance (T&T) Ltd and JMMB In­vest­ments (T&T) Ltd and its sub­sidiary JMMB Se­cu­ri­ties (T&T) Ltd.

JMM­BGL al­so ad­vised that Moses main­tains his role as CEO of JMMB Bank (T&T) Ltd.

Ac­cord­ing to its web­site, the JMMB brand start­ed in 1992 as the first mon­ey mar­ket bro­ker in Ja­maica.

Now, it has over 220,000 clients across its op­er­a­tions in Ja­maica, T&T and the Do­mini­can Re­pub­lic.

“We built Ja­maica’s first mon­ey mar­ket with the goal of max­i­miz­ing client sat­is­fac­tion through ex­cep­tion­al care and world class fi­nan­cial ex­per­tise. For us, our pa­trons are al­ways ‘clients’ and nev­er ‘cus­tomers.’ Every per­son who walks in our door re­ceives the best ad­vice and our full at­ten­tion,” it added.

In No­vem­ber last year, the JMMB Group, via its whol­ly-owned sub­sidiary, JMMB In­ter­na­tion­al Ltd (JMMB In­ter­na­tion­al), for­mal­ly com­menced op­er­a­tions in the east­ern Caribbean ju­ris­dic­tion of Bar­ba­dos.

This for­ay in­to Bar­ba­dos rep­re­sent­ed the fourth Caribbean na­tion in which the group has es­tab­lished a phys­i­cal pres­ence, join­ing T&T, Ja­maica and the Do­mini­can Re­pub­lic.

In De­cem­ber 2023, rat­ing agency Cari­CRIS main­tained the re­gion­al scale is­suer rat­ings as­signed to JMMB Group of CariA- (re­gion­al lo­cal cur­ren­cy) and CariBBB+ (re­gion­al for­eign cur­ren­cy) and jmAA- (lo­cal cur­ren­cy rat­ing) and jmA+ (for­eign cur­ren­cy rat­ing) on the Ja­maica na­tion­al scale.

Cari­CRIS scale rat­ings al­so in­di­cat­ed ‘good cred­it­wor­thi­ness’ of JMMB Group com­pared to oth­er sim­i­lar en­ti­ties in the Caribbean.

It fur­ther as­signed a sta­ble out­look, based on the ex­pec­ta­tion that over the next 12 to 15 months the group is like­ly to con­tin­ue to record good fi­nan­cial per­for­mance and cap­i­tal­i­sa­tion lev­els.

In an in­ter­view with the Busi­ness Guardian last Sep­tem­ber, Moses said since JMMB Group Trinidad and To­ba­go be­came the 100 per cent share­hold­er of In­ter­com­mer­cial Bank T&T (IBL) ten years ago, there had been a sig­nif­i­cant uptick in its over­all per­for­mance.

The JMMB Group ac­quired a 50 per cent share­hold­ing in IBL from the Mit­tal fam­i­ly in De­cem­ber 2004 and in 2005 the com­pa­ny an­nounced plans to ac­quire IBL and In­ter­com­mer­cial Trust and Mer­chant Bank af­ter get­ting ap­proval from T&T’s Cen­tral Bank.

Moses said that when look­ing at the per­for­mance of In­ter­com­mer­cial be­fore and af­ter its full own­er­ship by JMMB in 2013, there had been ups and downs based on what was hap­pen­ing in the econ­o­my. But for the past few years there have been very pos­i­tive fi­nan­cial per­for­mances.

Moses said in 2013, JMMB Bank T&T’s con­tri­bu­tion to the group’s net prof­it was less than five per cent. In 2018, the bank’s con­tri­bu­tion to the group’s net prof­it stood at eight per cent and in 2023 it jumped to 17 per cent.

He not­ed that as of March 31, 2023, the end of its fi­nan­cial year, the to­tal as­sets of JMMB Bank T&T, stood at $3.14 bil­lion which rep­re­sents a four per cent in­crease com­pared to the pre­vi­ous year.