Business:To Bank, or Not to Bank? the island's two mortgage giants go different ways

The two shareholder annual meetings had markedly different tenors. At the Pegasus, the main ballroom had an expectant air, the air of a giant in transition. There, Earl Jarrett, General Manger (more on that later) of the Jamaica National Building Society, comfortably the nation's largest mortgage lender, and a firm rapidly on the move both geographically and service-wise over the last decade, announced that a "no objection" letter had been received from the Central Bank (Bank of Jamaica) to JN's long-standing proposal to establish a commercial bank.

This was a crucial development in the regulatory process, but, as Jarrett pointed , by no means the ultimate step. Pressed for a more specific timeline, he cautioned that the new entity would definitely NOT  be operational before the end of the 1st quarter of 2016. When it does come on stream, he said, it would significantly boost JN's operational capacity, and - ultimately - revenue and profit position. the banking sector has seen some heat in recent months, with insurance/financial giant Sagicor operationalizing its purchase of the former Royal Bank of Canada and with market number two, bank of Nova Scotia undergoing a region-wide rationalization of branches.

No such mood over at the Knutsford Court just days after, where number two mortgage lender Victoria Mutual, which has also expanded its reach into other financial services but has no plans, at leas in the foreseeable future, to return to the banking arena (it had operated, in tandem with insurer Island Life, the groundbreaking Island Victoria Bank in the 90s, before the FINSAC scythe). Chairman Michael McMorris did state to members that the company was looking for opportunities to expand its ATM network, which it has grown on the back of an aggressive "no or low fees" strategy and the more expected home sweepstakes promotion.

Both organizations are well run and known for the kind of prudent yet occasionally aggressive management that spawned deep shareholder (member) loyalty and goodwill, with one notable JN member seeking to put a motion to the meeting that Jarrett's title be "upgraded" to President, rather than GM, to reflect the scope of the portfolio

Mobay Calling: Diaspora Conference on for June

With an estimated 3m Jmaicans said to be living outside the island's 4.5 thousand square mile limit, the occasion of the 6th Biennial Diaspora conference, scheduled for June 13-18 in Montego Bay, is undoubtedly  a beacon for business and commercial types, and thud today's launch at the Jamaica Pegasus (in Kingston) drew a wide spectrum of business and social interests.

They got a recap of the previous conference (also held in the west), which generated investor interest in 17 projects, which one can expect will be followed up this time around.

Amid the "confabbing" there'll also be a golf tournament, an Expo dubbed Marketplace, and an entertainment showcase dubbed Marketplace Live.

See you in Mobay this June