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Jamaica Mortgage Bank divestment enterprise team established

Published:Thursday | July 25, 2019 | 11:53 AM
A screen grab of the cover of the 2015 annual report of the Jamaica Mortgage Bank.

An enterprise team has been established to oversee the privatisation of the Jamaica Mortgage Bank.

The seven-member team, which was approved by cabinet, is chaired by businessman David Wan.

The Development Bank of Jamaica is to be the Transaction Manager overseeing the process.

The privatisation of the bank is being undertaken as part of the government’s programme to rationalise public bodies.

The Jamaica Mortgage Bank was established in 1971 as a private limited company and was converted to a statutory corporation in 1973.

The institution is mandated to finance safe and affordable housing for Jamaicans.

The JMB seeks to mobilise financial resources for on-lending to private and public sector developers and financial institutions, developing an active secondary mortgage market and providing mortgage indemnity insurance.

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