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Supervised Deposit Taking Institutions
At the end of December 2010, there were 13 supervised deposit-taking institutions (excluding credit unions), consisting of 7 commercial banks, 2 merchant banks (Licensees under the Financial Institutions Act), and 4 building societies. With the inclusion of Credit Unions (which total 46) the supervised deposit taking institutions is expected to expand to 59.
| Supervised Entities | Dec 2006 | Dec 2007 | Dec 2008 | Dec 2009 | Dec 2010 | Apr 2012 |
|---|---|---|---|---|---|---|
| Commercial Banks | 6 | 6 | 7 | 7 | 7 | 7 |
| FIA Licensees | 5 | 4 | 3 | 3 | 2 | 2 |
| Building Societies | 4 | 4 | 4 | 4 | 4 | 4 |
| Total | 15 | 14 | 14 | 14 | 13 | 13 |
| End of Year | No. of Credit Unions | Membership |
| 2005 | 48 | 811 920 |
| 2006 | 48 | 874,805 |
| 2007 | 48 | 927,613 |
| 2008 | 48 | 970,922 |
| 2009 | 47 | 986,406 |
| 2010 | 46 | 975,818 |
* Data provided by the Jamaica Co-operative Credit Union League
Recent Developments
|
October 2010 Effective 1 October 2010, the assets and liabilities of Scotia DBG Merchant Bank Limited were vested in Bank of Nova Scotia Jamaica Limited and the operations merged. Consequently, the licence previously issued to Scotia DBG Merchant Bank Limited under the Financial Institutions Act was surrendered. June 2008 The Minister of Finance granted a Commercial Banking Licence to PanCaribbeanBank Limited, (formerly Pan Caribbean Merchant Bank Limited), with effect from 23 June 2008. Consequently, the Merchant Banking Licence previously issued to Pan Caribbean Merchant Bank Limited under the Financial Institutions Act, was surrendered March 2008 On 19 March 2008, the name of DB&G Merchant Bank Limited was changed to Scotia DBG Merchant Bank Limited. This follows an earlier acquisition of its parent, Dehring Bunting and Golding Limited (DB&G Limited), by Scotia Group Jamaica Limited . March 2007 ‘Pursuant to sections 33 and 34 of the Financial Institutions Act and Regulations 15 – 20 of the Financial Institutions (Amalgamations and Transfers) Regulations 1997 and in accordance with the terms and conditions outlined in the Scheme of Transfer dated December 6 2006, Citimerchant Bank Limited transferred its assets and liabilities to Citibank N. A. (Jamaica Branch), effective 31 October 2006. The transfer was approved by the Minister of Finance and the assets vested pursuant to the Financial Institutions (Transfer of Assets and Liabilities of Citimerchant Bank to Citibank N. A. (Jamaica Branch) Vesting Order, 2006. Consequently, on the 5 March 2007, Citimerchant Bank Limited surrendered its deposit taking licence under the Protection of Depositors Act (repealed and replaced by the Financial Institutions Act, 1992)'. April 2006 The Minister of Finance formally approved the granting of a license under the Banking Act to PCMB, which will be issued once the appropriate change of name of PCMB is effected. PCMB’s existing license under The Financial Institutions Act is to be surrendered. June 2004 The Minister of Finance formally approved the merger between PCMB and Manufacturers Merchant Bank Limited effective 1 June 2004. The merged entity now operates under the name Pan Caribbean Merchant Bank Limited. April 2004 The Minister of Finance formally approved the merger between George & Branday Limited and First Global Bank Limited. The merged entity now operates under the name First Global Bank Limited. August 2003 The Minister of Finance formally approved the scheme to amalgamate the assets and liabilities of Issa Trust and Merchant Bank with DB&G Merchant Bank effective 01 August 2003. The merged entity continues to operate under the name DB&G Merchant Bank Limited. July 2003 FirstCaribbean International Trust & Merchant Bank Ltd. transferred its banking assets and liabilities to FirstCaribbean International Bank (Jamaica) Ltd. and surrendered its deposit-taking license effective 01 July 2003 January 2003 International Trust & Merchant Bank transferred its remaining deposit liabilities to National Commercial Bank Jamaica Ltd. (NCB) and surrendered its deposit-taking license. November 2002 During November 2002 the deposit liabilities of Scotia Jamaica Trust & Merchant Bank were transferred to Scotia Jamaica Building Society and its Deposit Taking Licence surrendered on 11 November 2002. The entity was renamed Scotia Jamaica Investment Management Limited and operates under its securities dealers licence. October 2002 Selected areas of the Caribbean operations of CIBC and Barclays Plc (Barclays) were amalgamated and the joint venture entities in Jamaica renamed FirstCaribbean International Jamaica Limited. Accordingly, CIBC Building Society was renamed FirstCaribbean International Building Society, CIBC Trust & Merchant Jamaica Limited was renamed FirstCaribbean International Trust & Merchant Bank ( Jamaica ) Limited and CIBC Jamaica Limited was renamed FirstCaribbean International Bank ( Jamaica ) Limited. March 2002 In March 2002, AIC Limited (a Canadian Funds Management Company) acquired FINSAC's 76% shareholding in NCB. December 2001 Trafalgar Commercial Bank Limited was renamed First Global Bank Limited. July 2001 Manufacturers Merchant Bank Limited changed its name to Manufacturers Sigma Merchant Bank Limited consequent on its acquisition of Sigma Unit Trust Managers Limited and the assets and liabilities of Sigma Investment Managers Limited June 2001 The business of Jamaica Savings and Loan Building Society was transferred to Jamaica National Building Society and its licence surrendered. March 2001 Union Bank was acquired by a Trinidadian Financial Holding Company, RBTT Financial Holdings Limited. The bank was subsequently renamed the RBTT Bank Jamaica Limited. |
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