JNBS up­dates mem­bers on com­mer­cial bank con­ver­sion

Jamaica Gleaner - - NEWS -

THE JA­MAICA Na­tional Build­ing So­ci­ety (JNBS) says it has been meet­ing with its mem­ber­ship to up­date them on the proposed changes to con­vert the so­ci­ety to a com­mer­cial bank and re­or­gan­ise the JN Group, ahead of Novem­ber 14 spe­cial gen­eral meet­ing (SGM) when mem­bers will make a fi­nal de­ci­sion.

JNBS met for­mally with its mem­bers in West­more­land, Manchester and St James in Ja­maica; Toronto, Canada; and New York in the United States, dur­ing events ear­lier this month, where sev­eral mem­bers have been sub­mit­ting their de­ci­sions by spe­cial proxy forms.

The forms al­low them to assign some­one else, such as the chair­man or gen­eral man­ager of JNBS, to cast votes on their be­half, if they are un­able to at­tend the Novem­ber 14 SGM.

The so­ci­ety has been mak­ing the forms avail­able via the JN VOTES web­page on its website, www.jnbs.com/jn­votes, in its branches and MoneyShops, and in book­lets dis­trib­uted to mem­bers.

The com­pleted forms can be re­turned to branches and MoneyShops by email or mailed to the JNBS cor­po­rate sec­re­tary.

JNBS will next meet with its mem­bers in Lon­don and Birm­ing­ham in the UK; Florida in the USA, and Kingston be­fore the SGM.

Although buoyed by the proposed changes, sev­eral mem­bers pressed for a guar­an­tee that the so­ci­ety’s core val­ues would be main­tained in the new struc­ture and that the or­gan­i­sa­tion would not be in­tro­duc­ing high fees.

“These val­ues are non-ne­go­tiable,” Mau­reen Hay­den Cater, ex­ec­u­tive, JNBS, as­sured the mem­ber­ship in her ad­dress.

“As your JN Bank, we will be main­tain­ing our fo­cus on you, pro­vid­ing prod­ucts and ser­vices founded on the JN val­ues you know and em­brace,” she said.

She un­der­scored that as a com­mer­cial bank, JN will not be fo­cused on fees.

“As one of your many ben­e­fits, we will con­tinue to rely on our ex­ist­ing model, which pro­vides you with the best bank­ing prod­ucts and ser­vices at sig­nif­i­cantly lower costs to you, as well as lower lend­ing rates, with the same JN hospi­tal­ity that you have banked on for more than 14 decades.”

The in­for­ma­tion was met with sat­is­fac­tion from mem­bers at­tend­ing the meet­ings.

“As we move through this tran­si­tion stage, I can only say we have come a long way, and to­gether, we can con­tinue to move for­ward,” said Lor­retta Gra­ham, a 50-year mem­ber of the so­ci­ety in West­more­land.

“To­mor­row is gone, to­day is here, and we are poised for bet­ter things. There­fore, as we work to­gether and give our sup­port, we can ex­pect bet­ter days,” she af­firmed.

MU­TUAL OR­GAN­I­SA­TION

Un­der the proposed changes, which were ap­proved by the min­is­ter of fi­nance a year ago, JN will re­main a mu­tual or­gan­i­sa­tion, which means it will con­tinue to be owned by mem­bers.

In the proposed struc­ture, their mu­tual rights will be pre­served in a new mu­tual hold­ing com­pany, which will own all the en­ti­ties in the re­struc­ture JN Group.

JN will sep­a­rate its non-fi­nan­cial and fi­nan­cial com­pa­nies, for reg­u­la­tory pur­poses, into two sub-hold­ing com­pa­nies, which will both be owned by the mu­tual hold­ing com­pany.

JNBS is the largest build­ing so­ci­ety in Ja­maica, and op­er­ates rep­re­sen­ta­tive of­fices in the United King­dom, the US and Canada.

As at March 31, 2016, the so­ci­ety held as­sets of $134.7 bil­lion, mak­ing it the third largest li­censed de­posit-tak­ing in­sti­tu­tion in Ja­maica.

It is the par­ent com­pany of JN Small Busi­ness Loans Lim­ited, JN Gen­eral In­surance Com­pany Lim­ited, JN Fund Man­agers Lim­ited, JN Life In­surance Com­pany Lim­ited, JN Money Ser­vices Lim­ited, Man­age­ment Con­trol Sys­tems Lim­ited, The Ja­maica Au­to­mo­bile As­so­ci­a­tion (Ser­vices) Lim­ited, and JN Cay­man, among other sub­sidiaries in the JN Group.

CON­TRIB­UTED

Dr Dana Mor­ris Dixon (left), ex­ec­u­tive, busi­ness de­vel­op­ment and re­search, Ja­maica Na­tional Build­ing So­ci­ety (JNBS), presents a gift to Mon­tego Bay cou­ple Mr and Mrs Lance Sa­muels, who were the first to ar­rive for a meet­ing of the so­ci­ety’s mem­bers in the St James cap­i­tal, and Lucea, Hanover. The meet­ing was held at the Wex­ford Ho­tel in Mon­tego Bay on Oc­to­ber 24. JNBS has been up­dat­ing mem­bers on the proposed changes to con­vert the so­ci­ety to a com­mer­cial bank and re­or­gan­ise the JN Group. The so­ci­ety’s mem­bers will vote for the change at a spe­cial gen­eral meet­ing to be held in Kingston on Novem­ber 14.

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