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6:55 am, Tue October 8, 2013
RJR
Jamaica Money Market Brokers (JMMB) has received another green light for the full acquisition of the Trinidad-based Intercommercial Bank. The British-based Mittal family - owner of the world’s largest steel manufacturer - has confirmed the sale of its stake in the bank.
In a statement from the United Kingdom on the weekend, Mittal said the sale had been completed of the remaining 50% shareholding in Intercommercial to JMMB. According to the Trinidad Express newspaper the stake was sold at an undisclosed price.
JMMB acquired the initial 50% stake in 2004 and was given approval by the Central Bank last month to acquire the remaining shareholding.
The Mittal Group is headed by British-based Indian businessman Lakshmi Mittal who was listed as the world’s 21st richest person by Forbes magazine in 2012.
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