The Jamaica National Group has secured £20 million Tier 1 (core) capital for its UK bank through Step One Money UK Limited, an entity based in the United Kingdom, which has acquired majority ownership of the bank. Step One Money UK is backed by a team of investors with significant expertise in UK financial services and specialist lending.

This investment is part of the group’s strategy to inject capital to enable JN Bank UK to accelerate its efforts in unsecured retail lending, asset acquisition, and established savings products and services.

There are also changes in the leadership of JN Bank UK with the appointment of Colin Mander to executive chairman, having previously served as non-executive chairman, and Chris Waring to managing director. Waring previously served JN Bank UK as chief commercial director. Both men, who have a wealth of industry experience, have been involved in the bank for the past 18 months.

“This investment is a positive move as it will enable JN Bank UK to expand its product offerings in unsecured lending and retail savings to customers,” said Earl Jarrett, CEO of The Jamaica National Group.

The partnership is a strategic one that will put JN Bank UK in a strong position to drive growth and achieve significant results for its shareholders and customers, says Jarrett. Step One Money’s deep-rooted expertise in financial services and lending will support the bank’s growth ambitions and drive innovative solutions across its core areas of unsecured lending and savings.

Jarrett added that this investment partnership will also enable the JN Group to continue its efforts to pursue correspondent banking services for the Caribbean. Access to services remains of significant importance to Caribbean financial institutions so that they can participate effectively in the global financial landscape. In Jamaica, for example, only one of 10 correspondent banks provides cash services to the central bank, limiting its ability to negotiate prices on foreign exchange.

Jarrett disclosed that Step One Money has committed to providing correspondent banking services.

Michael Childress, director of Step One Money UK, is confident in the partnership with the JN Group, stating, “We are pleased to have completed our investment in JN Bank UK and look forward to working with JN Group on the bank’s next phase of growth.”

The JN Group will maintain a minority stake in JN Bank UK.