JN mem­bers to cast bal­lots in his­toric vote

Jamaica Gleaner - - NEWS -

TO­DAY MARKS the day on which mem­bers of the Ja­maica National Build­ing So­ci­ety (JNBS) will 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 to com­mence at 4 p.m. Reg­is­tra­tion starts from 2:30 p.m.

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 the coun­try’s first bank to be owned by its savers and bor­row­ers.

The fi­nal vote fol­lows weeks of pos­i­tive meet­ings to up­date mem­bers in Ja­maica, the United King­dom, the United States, and Canada about the de­tails of the trans­for­ma­tion since the or­gan­i­sa­tion re­ceived a court or­der in Septem­ber to pro­ceed with a vote.

JNBS main­tains that the changes will result in pos­i­tive ben­e­fits to mem­bers as it will ex­pand its ac­cess to com­mer­cial bank­ing ser­vices, which the so­ci­ety can­not cur­rently of­fer as a build­ing so­ci­ety. These in­clude chequing ac­counts and other loans, in ad­di­tion to its sav­ings and mort­gage prod­ucts.

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

JNBS is cur­rently the par­ent or­gan­i­sa­tion in the JN Group, with sub­sidiary com­pa­nies that in­clude JN Small Busi­ness Loans Lim­ited; JN Gen­eral In­sur­ance Com­pany Lim­ited; JN Fund Man­agers Lim­ited; JN Life In­sur­ance Com­pany Lim­ited; JN Money Ser­vices Lim­ited; and Man­age­ment Con­trol Sys­tems Lim­ited; as well as The Ja­maica Au­to­mo­bile As­so­ci­a­tion (Ser­vices) Lim­ited, and JN Cay­man Lim­ited in The Cay­man Is­lands.

The or­gan­i­sa­tion also op­er­ates rep­re­sen­ta­tive of­fices in Florida in the United States; London and Birm­ing­ham in the United King­dom; and Toronto, Canada.

– Gleaner-con­m­mis­sioned Bill Johnson poll

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