Jamaica’s first mutually owned commercial bank to be launched next year

Jamaica’s first mutually owned commercial bank to be launched next year

Members of the  142-year-old Jamaica National Building Society (JNBS), on Monday, voted overwhelmingly to reorganize the group and convert the society into Jamaica’s only mutually owned commercial bank.

Over 20,000 members voted in person or by proxy for this move that will result in the bank being launched early next year.

During a meeting on Monday, Chairman of the JNBS Board, Oliver Clarke said the reorganisaion of the Group and conversion to JN Bank, will strengthen the organisation.

“These changes will make us ultimately more flexible and position us to expand our services to our members,” he said.

JNBS Executive, Maureen Hayden-Cater  – who will head the bank, assured members that JN Bank will not operate similar to other banks in Jamaica.

“It will be a commercial bank fully-owned by Jamaicans, by you, our members. And, as members serving members, our commercial bank will be a family business.”

She explained that the Society is converting to JN Bank based on the demand from the majority of the organisation’s members for more banking services, which the organisation could not offer as a building society. These include a wider variety of loans and chequing accounts.

“Since we made our application to the Bank of Jamaica, we have been busy preparing for our entry into the market, developing new products and services, which you have requested, such as auto loans, credit cards and unsecured loans.

JNBS General Manager, Earl Jarrett, general manager said the organisation will present the result of the vote to the Supreme Court for final approval, and following that exercise, it is anticipated that the Bank of Jamaica will exchange the organisation’s building society license for a commercial banking license.

 

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