The Jamaica Mortgage Bank (JMB) was established in 1971, as a private limited company under the Companies Act of 1965 and subsequently converted to a Statutory Corporation under Act of Parliament No. 16 dated June 5, 1973. The JMB was conceptualized with the mandate to finance safe and affordable housing solutions to Jamaicans, to be achieved through the mobilization of financial resources for on-lending to private and public sector developers and financial institutions. This would, therefore, result in the development of an active secondary mortgage market, providing mortgage indemnity insurance in support of the Bank’s Mission.
The Government of Jamaica intends to privatise the Jamaica Mortgage Bank via the Jamaica Stock Exchange.
An Enterprise Team was appointed to oversee the privatisation process in May 2019 with the DBJ as Transaction Manager for the transaction. The recommended transaction structure drafted and will be submitted to cabinet for approval in the second quarter of FY 2020/21. It is expected that the listing on the Jamaica Stock Exchange will be completed this Financial Year 2020/2021.