Sat | Oct 20, 2018

JN Bank opens its doors for the first time today

Published:Wednesday | February 1, 2017 | 12:00 AM
Today, those coverings will be removed and the doors will be opened to the new JN Bank.

Jamaica's newest bank, the only one to be owned by its members, opens its doors today with services that the membership had been requesting for years, according to its principals.

Special packages and new features are some offerings customers can look forward to as Jamaica National Group launches the new JN Bank, the country's seventh commercial bank and the third largest, with assets of $180 billion and savings of $101 billion.

Managing Director Maureen Hayden-Cater told The Gleaner that it will expand banking options and increase the competitiveness of financial services in Jamaica.

"We are ready. We are really anxious to serve our members and to be able to provide the services that they have been asking us for for many years. We anticipate that our members would want to understand what's different and new about us," she said.

"We are presenting JN to commercial banking rather than commercial banking to the rest of the world as they know it. We do have a number of specials. I also expect that a number of persons who have accounts with us would want to reactivate those accounts and become members. We are really quite excited and enthusiastic to start serving our members to the fullest," she continued.

She added, "JN currently has more than half a million members, so we anticipate that a lot of our members would want to touch base with us for the week. We are doing our best to get the staff as equipped as possible because we expect that we will have quite a lot of persons coming through."

The Jamaica National Building Society was founded back in 1864, having started out as Westmoreland Building Society. After a series of mergers which were characteristic of the society's growth strategy since its early formation, the name JNBS was adopted in 1970.

Its transformation into a commercial bank has been more than eight years in the making.