AFTER more than a decade, the merger between the Trinidad and Tobago Mortgage Finance Company Ltd (TTMF) and the Home Mortgage Bank (HMB) is complete, giving rise to a new company – TT Mortgage Bank (TTMB).
Finance Minister Colm Imbert believes this is a "significant milestone" in making housing more affordable, and to help citizens become "proud owners of their own castles" instead of renting.
[caption id="attachment_1071953" align="alignnone" width="1024"] Finance Minister Colm Imbert, centre, cuts the ribbon during the TTMB brand launch at the Hyatt Regency, Port of Spain. Also in the photo are, from left, Minister in the Ministry of Housing and Urban Development Adrian Leonce, Minister of Social Development and Family Services Donna Cox, chairman of the National Insurance Board, Trinidad and Tobago Mortgage Finance Company and Home Mortgage Patrick Ferreira, Trade Minister Paula Gopee-Scoon, CEO of Trinidad and Tobago Mortgage Bank Robert Green, and chief operating officer/secretary of TTMF Brent McFee. - Photo by Ayanna Kinsale[/caption]
The launch was held in the evening on March 20 at the Hyatt Regency, Port of Spain. Its theme was Anti-Gravity.
It was a grand affair, with some even saying they felt as though they were attending the launch of a major technological advancement.
The merger was first proposed by then finance minister Winston Dookeran in 2012 during the budget presentation. And in 2021, a decision was made to proceed with the merger.
[caption id="attachment_1071949" align="alignnone" width="1024"] Dancers perform during the TTMB brand launch at the Hyatt Regency, Port of Spain. - Photo by Ayanna Kinsale[/caption]
It was officially completed on January 17, 2024, with the TTMF buying 100 per cent of the shares of HMB from the NIB (National Insurance Board).
Imbert said he knows there is a "big gap" between housing demand and supply, but: "We cannot and will not just bemoan this limitation."
He said the government is committed to finding solutions, and the merger is one of them.
He added that collaboration between the TTMF and the HMB began in 2017, and since then, they have provided $3.4 billion in home acquisition and improvement loans.
[caption id="attachment_1071952" align="alignnone" width="1024"] Finance Minister Colm Imbert, centre, shakes hands with chairman of the National Insurance Board, Trinidad and Tobago Mortgage Finance Company and Home Mortgage Patrick Ferreira during the TTMB brand launch at the Hyatt Regency, Port of Spain. Also in the photo is CEO of Trinidad and Tobago Mortgage Bank Robert Green. - Photo by Ayanna Kinsale[/caption]
The TTMB, he said, will "provide richer, caring, relationship-driven services, expand the funding base to lower cost options and drive sustainability."
He said it is the action of a "serious government" set to enhance Trinidad and Tobago's economic outlook.
But he sought to make it clear that the merger was not done because one company was weaker than the other.
"Usually, when one hears news of a merger, it is generally
