Lesli Prendergast

Cornerstone Trust & Merchant Bank Ltd.

Cornerstone Trust & Merchant Bank Limited was incorporated in 1969 as Solnar Limited with its activities geared to providing deposit-taking, lending and leasing facilities to clients of the law firm Myers Fletcher & Gordon. In 1992 the shareholders decided to position the company as a full-fledged merchant bank to take advantage of an expanding financial services market. MF&G Trust & Finance became the new name, highlighting the strong and enviable ties with the law firm. This allowed the company to emerge as a separate entity with its own reputation in the financial marketplace. The Company's assets, which were then less than J$200 million, have increased in the intervening period, confirming the wisdom of this decision and the increasing client confidence in the Company. Cornerstone Trust & Merchant Bank as the Company is affectionately known—was licensed to manage trusts and administer estates in 1993. The entity became an approved foreign exchange dealer in 1997 and has since garnered significant foreign currency deposits, loans and leases. In 2003, the strategic focus of the Company was modified to take advantage of the new banking regulations; as such the advisory, trading and portfolio management services of the bank were divested to a new sister Company in June 2003. The company is subject to detailed monitoring and operational audits by the Bank of Jamaica, and must conform with the various requirements of the Banking Services Act (2014) and Regulations there under. The company's operations are also regulated by the Deposit Insurance Act and all other regulations governing the operations of local financial institutions.