JN Bank launches today in the UK.  It is the first Caribbean bank to be awarded a full banking licence by UK regulators.

It will initially offer retail savings and personal loan products.

The Bank is wholly owned by The Jamaica National Group (JN Group), a member-based conglomerate that has been operating in the Caribbean and overseas for more than 145 years.

CEO for JN Group,  Earl Jarrett said: “We were delighted to have been awarded a full banking licence by the Prudential Regulation Authority in December 2019.

With a diverse history, the JN Group has been serving Caribbean nationals in the UK, USA and Canada for over 30 years – providing financial links for Caribbean communities in these territories.

He added: “JN Group already well-known among the Caribbean community in the UK for our fair value financial products and services, and a culture deeply rooted in our mutual heritage. We have a rich history of service to the community and for having the customer’s interest at the heart of what we do. By offering banking services via digital channels that are easy to use and understand, we are looking forward to expanding our customer base to the wider UK market.   With a 145-year-old heritage and strong mutual values, JN Bank’s focus on the customer will bring something fresh and different from the typical new start-up.”

Digital-first approach

The bank will take a digital first approach. However, due to its strong community ties, it will open its first branch in Brixton, South London.

Groups will be able to run activities, workshops and seminars from the flagship branch.

Bank chairman Ian Marshall added: “At launch, we will offer accessible products, and of course a warm and welcoming service.   “We are confident that JN bank, through its espoused values of fairness and mutual respect, will provide services that all people can trust. We will continue our long history of adding value to the lives of our customers.”

The JN Group has been serving Caribbean nationals in the UK, USA and Canada for over 30 years – providing financial links for Caribbean communities in these territories.

It gives back to the communities it serves through education and sustainable development programmes.

Bursaries and scholarships

Bank CEO Dean Fensome said: “The Bank aligns with three of the sustainable development goals: quality education, sustainable cities and communities and partnership for goals.

“We intend to give back to the community primarily through the provision of scholarships and bursaries for tertiary education and the branch will be made available for community activities, workshops and seminars. We are excited to bring these values and behaviours to the UK and recognise the different financial needs of the population.”

JN Group has been providing financial services support through its UK representative office to many Caribbean nationals, and also owns a remittance company, JN Money Services (JNMS) and The Voice, Britain’s national Black monthly newspaper.

Deputy Managing Director Paulette Simpson said: “JN made a commitment to the UK 32 years ago – to serve our members efficiently and support our communities.

“We have built strong ties with so many community organisations, institutions and leaders and the establishment of this new entity will further strengthen our commitment to the UK market.”

The leadership team of JN Bank UK will include Dean Fensome, former CEO of The Holmesdale Building Society; Paulette Simpson, Senior Executive of the JN Group; and the former Bank of England senior adviser, Ian Marshall OBE.

JN Bank UK can be accessed at portal.jnbank.co.uk and its community branch is located at 410 Brixton Road, London SW9 7AW. For more information please contact Customer Services on 0808 196 1945.