Jamaica National to vote on restructuring

Members of the Jamaica National Building Society will cast their vote on a proposal by the JNBS board of directors to reorganize the JN Group structure and convert the building society into a commercial bank at a special general meeting on Nov. 14 in Kingston, Jamaica.

The announcement comes after the Society disclosed late last month that it had received an order from the Supreme Court to summon a meeting of its members to vote on the proposed changes.

Earl Jarrett, general manager of JNBS, said the special general meeting will be preceded by a series of small meetings to further inform its members locally and overseas.

A meeting in the Cayman Islands is scheduled for Nov. 1 at the Marriott Beach Resort.

“These final meetings will ultimately position JN to respond to members’ demands for access to banking services with a more positive customer experience,” Mr. Jarrett said following the receipt of the court order last month.

He added, “We anticipate that these changes will result in positive benefits to our members, as this will be a progressive move for JN and Jamaicans, locally and overseas.”

Under the proposed change, Jamaica National will remain a mutual organization, which means that it will continue to be owned by its members. And, under the proposed structure, members’ mutual rights will be preserved in a new Mutual Holding Company, which will own all the entities in the JN Group.

The organization will separate its non-financial and financial companies, for regulatory purposes, through two sub-holding companies, which will both be owned by the Mutual Holding Company. “In the final analysis, JN at 142 years old, will become a more flexible and modern, fully Jamaican-owned financial institution. These changes will position its operations to achieve growth for Jamaicans here and in the Diaspora,” Mr. Jarrett said.