Members of the Jamaica National Building Society, JNBS, will take a historic vote to reorganize the Group and convert the 142 year-old institution into a commercial bank today.
Voting will take place at the Jamaica Conference Centre in Kingston at a Special General Meeting starting at 4 this afternoon.
Registration starts from 2:30.
A yes-vote will position JNBS as the country’s seventh commercial bank.
It will also become the country’s first bank to be owned by its savers and borrowers.
JNBS maintains that the changes will result in positive benefits to members.
This as it will expand their access to commercial banking services.
These include chequing accounts and other loans in addition to its savings and mortgage products.
Under the proposed change, Jamaica National will remain a mutual organization, which means that it will continue to be owned by its savers and borrowers.