Mark Myers, (left) Chairman of Barita Investments

One of the country’s leading investment and brokerage firms, Barita Investments Limited, says as it looks forward to the new financial year, it expects to undergo a major organisational change.

The organisational change will see Barita, subject to the approval of the Bank of Jamaica, being constituted under a formal Financial Holding Company, FHC which is licensed by the Central Bank.

The shareholders of Barita’s parent company, Cornestone Financial Holdings Limited, CFHL, are also the shareholders of Cornerstone United Holdings Jamaica Limited, CUHJL.

CUHJL is the parent company of deposit taking institution, Cornerstone Trust and Merchant Bank.

Barita says given that CUHJL and Cornestone Financial Holdings Limited, are affiliate companies by virtue of their common ownership, they will be seeking to organise their affairs under a financial holding company in accordance with the Banking Services Act.

Barita says accordingly steps are now in train with respect to preparation of the requisitve FHC application and effecting of corporate restructuring in consultation with the BOJ.

According to Barita, expectations are that by the end of the next financial year, the Cornerstone Group reorganisation will be completed with Barita and its subsidiary, Barita Unit Trust being constituted under a licensed FHC along with Cornerstone Trust and Merchant Bank.

Barita says it’s embracing the process as an opportunity to improve its structure and generally streamline its operations.

According to Barita, as such, in anticipation of the pending changes, it will remain focused on strengthening its talent, risk management frameworks and deepening its relationships across the region consistent its mantra of making money work for stakeholders.

Barita has also announced that its recent successful Additional Public Offering, APO, has strenghtened its risk capacity, pushing its capital to risk weighted assets ratio to 52 percent versus the regulatory minimum of 10-percent and the industry average of 22.3 percent as of June 2021.

Barita also revealed net profits of $4.1 billion, net operating revenue of $8.1 billion and total assets of $90.5 billion.

The update was given by Barita Chairman, Mark Myers in the publication of the company’s financial results for the 12 months ended September 2021.

Barita is is the oldest stock brokerage company in the island.

The company’s Deputy Chairman is prominent businessman, Paul Simpson.