Jamaica National To Become Commercial Bank

The Jamaica National Building Society (JN) at a meeting at the Jamaica Conference Centre down town Kingston, yesterday, November 14, 2016, where savers, shareholders and management assembled to vote on the banking proposal in accordance with law.

The regulatory environment, the Bank of Jamaica (BOJ) had approved JN’s application for some time now to become a Commercial Bank.

Background

JN has been built by the merger of small savings and loans entities across Jamaica. One of these was the Westmoreland Building Society, an early merged building society which has helped JN to probably become the largest savings and loans institution in the English speaking Caribbean.

Jamaica National Building Society will become the first commercial bank in Jamaica to be owned by its savers. Mutual insurance companies are not new but it is not immediately sure what impact this new commercial bank will have on the lowering of interest rates.

Over the years JN has become an international entity … operating in UK, USA and Canada to name a few countries.

Reports are that some 99 percent of eligible voters associated with JN have voted either by proxy or otherwise to approve the resolution to become a Commercial Bank.

The New bank will open its door early next year 2017.

Vision Newspaper wishes the newly approved Commercial Bank for Jamaica National Building Society all the success.

JN advertises with Vision Newspaper Canada.

Hopeton O’Connor-Dennie is Senior International Correspondent & photojournalist for Vision Newspaper Canada.