JN still in the banking hunt

General Manager of Jamaica National Building Society (JNBS) Earl Jarrett is expressing confidence that the company's plan to operate as a commercial bank will soon be realised.

 

Mr Jarrett, addressing the company's 104th Annual General Meeting yesterday, said an application for a bank licence was made last November. If approved, the building society will become JN Bank. Mr Jarrett said a holding company will be established to manage the affairs of  the JN Group under the new Banking Services Act.

 

He said the JN Group has a year to become compliant with the regulations to separate its financial arm from its non-financial operation when the bank licence is granted.