After posting modest profit in 2019, Jamaica National Cayman has appointed Jermaine Deans as its new managing director to ensure the success of its operations.
Deans’ appointment to the Cayman branch became effective December 2019, and follows his entry to the JN Group as Deputy General Manager for JN Fund Managers in 2016.
According to JN, he will “develop business strategies and plans, and oversee all operations and business activities to ensure high performance.”
Deans has almost two decades’ experience in global financial markets, capital markets, credit, commercial banking, treasury management and FX trading.
He holds a BSc. in Business Administration, Finance Major and an MBA, Finance Major, with concentration in Investment Management, from Villanova School of Business in Pennsylvania, USA.
Regarding his appointment, Deans said “My main goal is to see how we can work to add additional functionalities to JN Cayman that are modern, that represent a new way of thinking, a new way of doing business and add value to the services that are already being offered here in the Cayman market, and by extension, the wider Caribbean.”
JN Group’s Cayman subsidiary returned profit of KY$134,000 last year, primarily from its mortgages and savings business.
At the end of the financial year, JN Cayman had assets of KY$39 million with its mortgage portfolio totalling KY$1.75 million and deposits of KY$1.75 million.
JN Cayman is the only building society in the Cayman Islands. Its principal activities are the provision of mortgages and savings through regular savings accounts and fixed deposits.
At the Group’s annual general meeting in November 2019, chief executive officer, Earl Jarrett said the correspondent banking crisis had significantly increased the cost of operations in Cayman, which rose by over 1,000 per cent over the past five years.
He said JN spent KY$2.1 million since it lost correspondent banking services in that market noting that while the cost from the withdrawal of correspondent banking relations was heavy, JN sought not to pass on the cost to its customers.