The commercial bank will be a subsidiary of The Jamaica National Group, which started the process of reorganisation some eight years ago.
That process was intensified by the organisation’s receipt of a letter from the Minister of Finance in September 2015, approving the Jamaica National Building Society’s (JNBS) proposal to streamline the JN Group.
In September 2016, the organisation received an order from the Supreme Court instructing the Society to hold a court appointed meeting with members. The meeting was held on November 14, 2016 where members voted for the changes proposed by the JNBS board.
JNBS returned to court in December 2016 with the results of the vote.
The entry of JN Bank increases the number of commercial banks operating in Jamaica to eight.
JNBS and its subsidiaries performed reasonably during the 2014-2015 financial realising a net surplus of $1.21 billion.
JN Bank will place third by total assets among the island’s now seven commercial banks, with National Commercial Bank (NCB) holding first place with close to $447 billion as at September 30, 2016 and Scotia Bank Jamaica in second place with $318 billion in assets.
Total assets for JN total $146 billion. It is followed in fourth place by Sagicor Bank with $111 billion in assets.
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