The Bank of Jamaica (BOJ) performs the central bank role in the country. It was founded in 1961, replacing the country’s Currency Board System, which was established in 1939. The BOJ oversees banks in Jamaica and issues and redeems the local currency. It also acts as the government’s banker, as well as monitors and administers the country’s reserves.
International rating agency Fitch recently upgraded Jamaica’s rating to positive from stable, following macroeconomic improvements. The country is seeing unemployment fall to a decade-low at 10.3%, the Jamaican dollar continues to stabilize against the US dollar, the tourism and BPO industries are growing, and the construction industry is “literally booming.”
For anyone considering a banking career in Jamaica, this list of banks in Jamaica is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Jamaica Include:
National Commercial Bank
National Commercial Bank is the biggest financial group in Jamaica. The bank traces its roots back to 1837 when the Colonial Bank of London opened in the capital city of Kingston. It adopted its current name in 1997, following a series of mergers and acquisitions. The NCB Group provides a comprehensive range of financial products and services to individual and corporate customers through its subsidiaries.
Revenue: JMD 61.56 billion (2017)
Net income: JMD 16.5 billion (2017)
Total assets: JMD 718.81 billion (2017)
Scotiabank Jamaica started its operations on the island in 1889. The bank operates as a subsidiary of leading Canadian financial services provider Scotiabank, offering premier retail and commercial banking services to its customers. Headquartered in Kingston, it is one of the largest banks in Jamaica, currently employing more than 2,000 staff and managing a network of 35 branches throughout the island.
Revenue: JMD 39.42 billion (2017)
Net income: JMD 12.4 billion (2017)
Total assets: JMD 490.88 billion (2017)
Sagicor Bank is the commercial banking arm of Sagicor Group, a full-service financial institution providing a comprehensive range of financial solutions in Jamaica. The bank operates 16 branches and a sub-branch throughout Jamaica.
Revenue: JMD 10.85 billion (2017)
Net income: JMD 1.78 billion (2017)
Total assets: JMD 125.25 billion (2017)
CIBC First Caribbean
CIBD First Caribbean provides a comprehensive range of market-leading financial services in retail banking, corporate banking, wealth management, treasury sales and trading, credit cards, and investment banking. This places it among the banks in Jamaica offering the widest range of services. The bank employs more than 2,700 staff and operates a network of 58 branches, seven offices, and 22 banking centers in 17 countries across the Caribbean.
Revenue: USD 547.37 million (2017)
Net income: USD 141.52 million (2017)
Total assets: USD 12.25 billion (2017)
First Global Bank
First Global Bank offers top-rated financial products and services to local and international clients, including personal banking, business banking, and online and mobile banking. The bank was established in 1970 as The First National Bank of Chicago (Jamaica). It currently oversees seven branches and operates as a subsidiary of GraceKennedy Group, one of the biggest food and finance corporate entities in the Caribbean.
Revenue: JMD 4.53 billion (2017)
Net income: JMD 468.49 million (2017)
Total assets: JMD 54.49 billion (2017)
Founded in 1960, Citi Jamaica is a licensed, locally-operated branch of global financial conglomerate Citibank. Operating under Citi’s Institutional Client Group (ICG), Citi Jamaica focuses on the financial sector, public sector, and major private-sector corporations. ICG comprises Citi Private Bank, Corporate and Investment Banking, Treasury and Trade Solutions, Markets and Securities Services, and Capital Markets Origination.
Revenue: JMD 1.97 billion (2017)
Net income: JMD 303.47 million (2017)
Total assets: JMD 21.27 billion (2017)
JMMB Bank, formerly JMMB Merchant Bank, provides personal and business banking products and services. It is one of the banks in Jamaica with a focus on small business accounts for SMEs in Jamaica. The bank is a member of the regional financial services firm JMMB Group, which serves about 220,000 customers in Jamaica, the Dominican Republic, and Trinidad and Tobago.
Revenue: JMD 14.65 billion (2017)
Net income: JMD 3.35 billion (2017)
Total assets: JMD 251.56 billion (2017)
JN Bank is the first mutually owned of the commercial banks in Jamaica, 100% held by its borrowers and depositors. The bank is also ISO 9001:2008 certified, the only financial institution in the country to receive such certification.