JN Bank entered the market on Wednesday as the third largest of seven commercial banks, immediately growing the sector to around $1.22 trillion by assets.
Concurrently, its transition diminishes the mortgage banking sector, which now has only two players – Victoria Mutual Building Society and Scotia Jamaica Building Society – whose assets were last estimated at a combined $125 billion, according to the most recent industry data compiled by the central bank for the quarter ending September 2016.
JN Bank Limited, with assets totalling $180 billion, displaces Sagicor Bank Jamaica Limited as the No. 3 bank. Managing Director Maureen Hayden-Cater signalled immediately that JN aims to differentiate itself through affordable services for members.
Hayden-Cater opted, however, not to weigh in on the debate regarding regulation of banking fees now being played out in Parliament and in the public.
Published in the Gleaner
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