JN to Submit Result of Votes to Court
The report of auditors, PricewaterhouseCoopers, on Monday’s vote is to be presented to the Supreme Court for final approval, as Jamaica National completes the process of reorganisation of the JN Group and conversion of the Society to JN Bank.
Following the court submission, it is anticipated that the Bank of Jamaica will exchange the organisation’s building society licence for a commercial banking licence.
Members of the Jamaica National Building Society (JNBS) voted overwhelmingly on November 14 at the Jamaica Conference Centre in Kingston for the changes proposed by the JNBS Board.
Close to 25,000 JN members exercised their right to vote in person or by proxy preliminary results from PricewaterhouseCoopers showed. More than 99 per cent of JN members who voted were in favour of the proposed changes.
JN Bank will become the first commercial bank in Jamaica to be fully owned by its savers and borrowers. The Society’s current savings and loan portfolio will be carried over into JN Bank. The bank will be headed by current JNBS Executive, Maureen Hayden-Cater and will be launched early next year.
Hon Oliver Clarke, Chairman of the JNBS Board, who announced the results of the vote, said the reorganisation of the Group and conversion to JN Bank will strengthen the JN Group.
“These changes will make us ultimately more flexible and position us to expand our services to our members,” he said.
Supporting the Chairman, Mrs Hayden Cater assured members that JN Bank will not operate similar to other banks in Jamaica.
“It will be a commercial bank fully-owned by Jamaicans, by you, our members! And, as members serving members, our commercial bank will be a family business! We will take the JN Way to Commercial Banking, not the Commercial Banking way to JN!” she assured members attending the meeting.
Earl Jarrett, general manager, JNBS, said the members’ approval of the reorganisation will strengthen JN.
“This structure will make us more efficient and compliant with current and previous financial regulations,” he said.
As a mutual organisation, the Society consulted with its members in Jamaica and overseas in October and early November before moving to vote on the proposed changes. A total of eight meetings to explain the process and invite participation were held in Westmoreland; Manchester, St James; Toronto, Canada and New York and Florida in the United States of America; as well as in London and Birmingham in the United Kingdom.
Mr Jarrett expressed appreciation to the members who voted in favour of the reorganisation and thanked the JN Group employees and JNBS Board of Directors for their support. He also expressed gratitude to PricewaterhouseCoopers, which observed the voting process to ensure transparency.
“JN members have moved our organisation forward today and we look forward to expanding our products and services and offering them the best services of any financial institution,” Mr Jarrett said, noting that the Society’s core values will be maintained in the new organisation.