Yes, JNBS! Building society’s commercial bank application approved

News post October 2, 2015

JARRETT… this is a major achievement for us

Finance Minister Dr Peter Phillips has granted approval for Jamaica National Building Society (JNBS) to be converted to a commercial bank.

The minister’s approval was received in a letter to the Society recently, following the organisation’s re-submission of its application in November 2013, JNBS said in a news release yesterday, adding that its first application for a commercial banking licence was made in 2008.

“This is a major achievement for us,” the news release quoted JNBS General Manager Earl Jarrett. “We have come a long way since our first application seven years ago, and we are definitely committed to repositioning JN to better serve our members.”

Jamaica National, the release said, will become the third largest commercial bank in Jamaica when it completes its conversion, with 12.8 per cent of the market, behind National Commercial Bank and Scotiabank with approximately 36 per cent and 26 per cent, respectively.

Jarrett said that the conversion was being undertaken against the background of increased demand from the Society’s members for an expanded range of credit products and services, which building societies cannot legally offer. These product and service offerings include certain types of personal loans and chequing accounts.

Jarrett indicated that the ministerial approval also gives the Society the clearance to reorganise its group, which comprises several companies offering a wide variety of financial and non-financial products and services. The reorganisation is to achieve compliance with the Banking Services Act.

However, he indicated that both the Society’s conversion and the JN Group reorganisation will need the approval of its members to move forward.

“We have, therefore, been making the necessary operational changes, which must be implemented to make the change possible; and we are ready to reposition Jamaica National to successfully chart another 141 years as a bona fide member of the commercial banking sector,” Jarrett said.

 

 

Published By: The Observer

No Tags

244 total views, 1 today

  

Leave a Reply

  • Will Cameron Speak On Reparation?

    by on September 29, 2015 - 0 Comments

    In pic: Prime Minister David Cameron. Olivia Grange said she believes Cameron would consider it unusual to be visiting Jamaica at this time in history and have extensive discussions with top government officials and not have the subject of reparation raised at some point. The Jamaica Labour Party (JLP) is questioning whether the Government will […]

  • Penalise politicians who provide service on a partisan basis ­ — Meadows

    by on January 26, 2016 - 0 Comments

    JLP caretaker calls for action as Trelawny residents take to the street Placard-bearing residents gather at a section of the Salt Marsh to Goodwill main road yesterday to protest against the poor road conditions in the area.  SALT MARSH, Trelawny — Jamaica Labour Party (JLP) caretaker for Trelawny Northern Dennis Meadows yesterday called for laws […]

  • Constable Crystal Thomas

    by on July 16, 2015 - 0 Comments

    She fought to the end | Lead Stories | Jamaica Gleaner Woman Constable Crystal Thomas Norman Grindley Senior Superintendent of Police Cornwall ‘Bigga’ Ford (right) escorts National Security Minister Peter Bunting, who visited the Denham Town Police Station in west Kingston, to get an update after the murder of woman Constable Crystal Thomas, who was […]

  • http://www.insightjamaica.com/

    by on July 4, 2015 - 0 Comments

    You can post your add here for free.

  • Singjay J Capri dies

    by on December 4, 2015 - 1 Comments

    KINGSTON, Jamaica — Sources have confirmed that singjay J Capri, who was hospitalised for more than a week following a motor vehicle crash, has died. The entertainer reportedly succumbed to her injuries this morning at the University Hospital of the West Indies in St Andrew. Read: J Capri hospitalised after car crash Social media users on […]

Follow Us on Facebook