First Mutually owned bank in J’ca
On February 1, Jamaica attained a historic first with the opening of the country’s first mutually owned commercial bank.
The new institution, the JN Bank, which is a subsidiary of the Jamaica National Building Society (JNBS) is mutually owned by the more than 20,000 borrowers and savers that constitute the institution’s clientele.
On February 4, the launch of the bank was celebrated in Canada by the staff of the Jamaica National Representative Office at its Toronto office.
Jerrold Johnson, chief representative officer told those gathered that “The Canada Representative Office is excited for what this move means for Jamaica and the new energy that it brings in all the countries where the JN brand operates.”
A statement reiterated by Harrington Stephenson, Manager of JN Canada Representative Office who boasted that: “All JN members across the world will now have access to a broader range of products and services from Jamaica National than they had before, such as the JN Visa credit cards, checking accounts and personal and business lines of credit.”
Authorities at the bank say JN Bank will offer competitive interest rates while charging fees lower than market rates.