JN, VMBS seek to assure members

Jamaica's two largest building societies say they have implemented measures to prevent any fallout from the loss of correspondent banking services in the United Kingdom.
    
In advertisements in the two national newspapers on Sunday, Jamaica National Building Society and Victoria Mutual Building Society said they were informed by their UK banking partner of its decision to terminate its relationship with financial institutions in Latin America and the Caribbean.
    
They noted that the decision is consistent with moves by similar banks to discontinue correspondent banking services for institutions in the region.
      
The two institutions said the change will affect their members living in Britain and Jamaica, who receive their pensions and other payments via banks in the UK.
    
JNBS and VMBS said they are now in the process of finalising arrangements to allow their UK members to continue transmitting funds to their accounts in Jamaica.
    
The loss of correspondent banking relationships is a growing problem for financial institutions in the region, and it was on the agenda of the Caricom Heads of Government Summit held in Guyana earlier this month.