Tue | May 30, 2017

JN to recapitalise, rebrand Cayman subsidiary

Published:Sunday | August 2, 2015 | 8:00 AM

Jamaican National plans to pump up capital in its Cayman subsidiary, the National Building Society of Cayman, and will be rebranding the business to link the marquee with its Jamaican parent.

The name will change to JN Cayman.

"We are going to capitalise the entity and have it more closely aligned to JN's own wealth offerings," said JNBS general manager and chairman of the Cayman building society, Earl Jarrett.

"The change is so people can associate it with JN because it's too hard to convince persons that its part of JN, so we just want to firm up that association," he said.

JNBS owns 96.7 per cent of the Cayman

operation.

Jarrett declined to state the level of capitalisation, saying only that it would be given "whatever it needs to give it that kick forward".

"I haven't yet spoken with the shareholders over there so I wouldn't want to release it (the capital injection) to the press," he said.

The rebranding is to take place within the next 30 days, he said last Wednesday.

The Cayman building society has a staff of 11, which Jarrett said will likely grow as the entity itself grows.

JNBS's current manager of eChannels and Discount Business, Ricardo Dystant, has been tapped to run the Cayman business, a post he will take up in a matter of weeks.

tameka.gordon@gleanerjm.com