Members of Jamaica National Building Society (JNBS) have voted to reorganise the JN Group and convert the building society to the island's only mutually-owned commercial bank.
Close to 25,000 JN members voted in person or by proxy at a special meeting at the Jamaica Conference Centre yesterday.
Preliminary results from auditors, PricewaterhouseCoopers, showed more than 99 percent of JN members voted in favour of the changes.
The bank will be headed by JNBS Executive, Maureen Hayden-Cater and will be launched early next year.
JN's savings and loan portfolio will be carried over into JN Bank.
Hayden-Cater explained that the Society is converting to JN Bank based on the demand from the majority of the organisation’s members for more banking services, which the organisation could not offer as a building society.
Jamaica National will present the result of the vote to the Supreme Court for final approval.
It is anticipated that the Bank of Jamaica will exchange the organisation’s building society licence for a commercial banking licence.
Following the reorganisation of the JN Group, a mutual holding company, to be named The Jamaica National Group, will become the parent company for the JNBS subsidiaries.
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