Wed | Jan 17, 2018

JN members cast ballots in historic vote

Published:Monday | November 14, 2016 | 4:06 PM
Ballot boxes setup for voting by Jamaica National at the Jamaica Conference Centre in Kingston today.

Members of the Jamaica National Building Society (JNBS) will today make a historic vote to reorganise the JN Group and convert the 142-year-old building society to a commercial bank.

Voting will take place at the Jamaica Conference Centre in downtown Kingston during a special general meeting of the society kicked off at four o'clock this afternoon.

The vote will position JN as the country’s seventh commercial bank and the third with assets of $180 billion and savings of $101 billion.

It will also become Jamaica's first bank to be owned by its savers and borrowers. 

The final vote follows weeks of meetings to update members in Jamaica, the United Kingdom, the United States and Canada, about the details of the transformation since September when the organisation got court approval to proceed with the poll.  

Under the proposed change, Jamaica National will remain a mutual organisation, which means that it will continue to be owned by its savers and borrowers.