First Caribbean bank launches in the United Kingdom

Following a license granted by UK regulatory authorities, JN Bank has become the first Caribbean-owned bank to be launched in London.

The new bank is entirely owned by the Jamaica National Group (JN Group), a member-based conglomerate that has been operating in the Caribbean and elsewhere for more than 145 years. It will serve as a subsidiary.

JN Bank’s flagship branch is to be located in Brixton, South London. The location is also to be a focal point for the community, as significant emphasis will be placed on working with and supporting community-based initiatives and groups.

As part of its operations, the bank will initially offer retail savings and personal loan products targeting the Caribbean community and the wider UK market.

Chief Executive of Jamaica National Group, Earl Jarrett, expressed delight for being one of only three new banks granted a license by the PRA in 2019, and the first Caribbean bank to be licensed by the Prudential Regulation Authority (PRA) to operate in the UK.

“JN Group is already well-known among the Caribbean community in the UK, and has provided a financial link for the last 32 years with the mission to serve the community and place the interest of our members at the heart of what we do,” said Jarrett.

“By offering banking services via digital channels that are safe, easy to use, and understand, we are really looking forward to expanding our customer base to the wider UK market. With a 146-year-old heritage and strong mutual values, we are bringing JN’s ethos and focus on the people it serves to offer UK customers something different from the typical new challenger bank,” he added.

Jarrett said over the past year, the management team has worked closely with regulators in the UK and Jamaica. He said JN’s UK and Jamaica teams provide a wealth of experience and knowledge, together with tried and tested systems, backed up by a strong parent company.

Dean Fensome, former CEO of Holmesdale Building Society, is the chief executive officer of the JN Bank in the UK. Ian Marshall will be chaired by former Bank of England senior adviser.

Marshall said while JN Bank will offer accessible products and efficient customer service to persons in the UK, the bank will be driven by JN’s mutual heritage, its traditional roots in the community and a genuine care and interest in customers.

“This is what we will (do) to make us special,” he said.

In the UK, the JN Group has been a financial link for the Caribbean community for more than 32 years via the UK Representative Office and its remittance member company, JN Money Services (JNMS UK).