JN Bank (UK) Secures £20 Million Investment for Growth and Expansion
Jamaica National Group has announced a significant development for its UK bank, JN Bank (UK), with the acquisition and recapitalization by Step One Money UK Limited. The £20 million Tier 1 (core) capital injection will allow JN Bank (UK) to accelerate its efforts in unsecured retail lending, asset acquisition, and established savings products and services.
Step One Money UK Limited, backed by a team of investors with expertise in UK financial services and specialist lending, has acquired majority ownership of JN Bank (UK). This strategic partnership aims to drive growth and innovation across key areas of unsecured lending and savings.
As part of the acquisition, there have been changes in leadership at JN Bank (UK), with Colin Mander appointed as the executive chairman and Chris Waring as managing director. Both individuals bring a wealth of industry experience and have been involved with the bank for the past 18 months.
Earl Jarrett, CEO of The Jamaica National Group, expressed optimism about the investment, stating that it will enable JN Bank (UK) to expand its product offerings and better serve its customers. He also emphasized the importance of correspondent banking services for Caribbean financial institutions, highlighting Step One Money’s commitment to providing such services.
Michael Childress, director of Step One Money UK, shared his confidence in the partnership with JN Group, stating the company’s excitement about the bank’s next phase of growth. The JN Group will maintain a minority stake in JN Bank (UK), ensuring continued collaboration and support.
Overall, the investment from Step One Money UK represents a significant opportunity for JN Bank (UK) to enhance its services, drive growth, and achieve positive outcomes for its shareholders and customers. With a focus on unsecured lending, retail savings, and correspondent banking services, JN Bank (UK) is poised for success in the UK financial services market.
