March 5, 2024
Barita Investments Limited (BIL) has advised that further to its press release dated March 17, 2023 following the Bank of Jamaica’s (“BOJ”) issuance of a non-objection letter on Friday, March 10, 2023 regarding the reorganisation of the Cornerstone Group of companies (“Cornerstone Group” or the “Group”) the Group has taken steps to implement the reorganisation, in order to comply with the requirements of the Banking Services Act, 2014 (“BSA”). Under section 69 of the BSA, any group of companies which includes a deposit-taking institution and another financial institution, is required to reorganise itself so that the financial institutions are held by a financial holding company.
Accordingly, the reorganisation is being effected to ensure that all regulated entities within the Group are held under a single holding company to enable consolidated supervision under the BSA by the BOJ. Under the proposed new structure, BIL, Barita Unit Trusts Management Company Limited and Cornerstone Trust & Merchant Bank Limited will be held and operated under a newly formed company intended to serve as the financial holding company for the Group.
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