Jamaica could have another commercial bank in the near future.
General Manager of the Jamaica National Building Society, Earl Jarrett says the company has now received a no objection letter from the Bank of Jamaica to its application for a commercial license.
Jarrett says this is a major achievement for the Society.
He told members at a JNBS annual general meeting on Wednesday that BOJ recently completed its audit of the Society’s credit operations and Jamaica National is awaiting the central bank’s review of the findings.
If its current application is approved by the BOJ, it would make Jamaica National the third largest commercial bank in the country behind the National Commercial Bank and Scotiabank.
Jamaica National has been seeking to get a commercial licence for some time now.
The company resubmitted its application in November 2013 after its previous application in 2008 was unsuccessful