Jamaica National Group
On February 1, 2017, The Jamaica National Group, a powerful, Jamaican mutually-owned global business, became a reality and the country’s third largest commercial bank, JN Bank, was launched. Following the re-submission of the Jamaica National Building Society (JNBS) application for a commercial banking license in November 2013 to the Bank of Jamaica (BOJ), the application was approved by the BOJ in February 2015. The country’s third largest financial institution at the time, the Society commenced the process to convert the building society into a commercial bank and to restructure the JN
The JN Group has been restructured to ensure compliance with the new Banking Services Act. The reorganisation of the JN Group involved the
establishment of a Financial Holding Company, which will own the new JN Bank and all other companies in the JN Group which offer financial services.
These companies are:
- JN Fund Managers Ltd. (JNFM)
- JN Life Insurance Ltd. (JN Life)
- JN Money Services Ltd. (JNMS)
- JN Small Business Loans Ltd. (JNSBL)
- JN Cayman Ltd.
A Non-Financial Holding Company (Non-FHC) has
also been established to take ownership of on-financial
entities in The Jamaica National Group.
These non-financial entities are:
- Jamaica Automobile Association (JAA)
- JN Properties Limited
- Management Control Systems (MCS)
Both the FHC and the non-FHC and the entities under their control will be under the direct control of The Jamaica National Group. All members’ rights
under mutuality will be transferred to The Jamaica National Group and JN Bank account holders will automatically become a member of The Jamaica
Mortgage, Savings, Loans, Remittance, Retirement, Insurance, Roadside Assistance, Online Banking, Information Technology, Corporate Social
- Industry: Financial Services
- Type: Privately Held
- Company Size: 1001-5000 employees
• Founded: 2017