At the end of December 2022, there were 11 supervised deposit-taking institutions consisting of 8 Commercial Banks, 2 Building Societies and 1 Merchant Bank. At the end of November 2022, the number of Credit Unions remained at 25.
Banks & Building Societies
| Supervised Entities | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 |
| Commercial Banks | 6 | 6 | 8 | 8 | 8 | 8 | 8 | 8 |
| Merchant Banks | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Building Societies | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
Credit Unions*
| End of Year | No. of Credit Unions | Membership |
| 2015 | 34 | 1,000,753 |
| 2016 | 32 | 947,045 |
| 2017 | 28 | 1,006,494 |
| 2018 | 26 | 1,047,618 |
| 2019 | 25 | 1,007,304 |
| 2020 | 25 | 1,035,149 |
| 2021 | 25 | 1,010,380 |
| 2022 | 25 | 1,001,891 |
Recent Developments
June 2019
Effective 03 June 2019, MF&G Trust & Finance Limited changed its name to Cornerstone Trust & Merchant Bank Limited.
August 2017
Effective 14 August 2017, JMMB Merchant Bank Limited rebranded to JMMB Bank (Jamaica) Limited following its conversion to a commercial bank.
February 2017
Effective 01 February 2017, Jamaica National Building Society rebranded to JN Bank Limited following its conversion from to a commercial bank.
June 2014
Consequent on the acquisition of the Jamaican operations of RBC Financial (Caribbean) Limited by Sagicor Group Jamaica, and the resultant transfer of the assets and liabilities of Sagicor Bank Jamaica Limited (SBJ) to RBC Royal Bank (Jamaica) Limited (RBCJ), effective 27 June 2014, SBJ surrendered its license under The Banking Act thereby reducing the number of commercial banks in operation from seven to six. Subsequent on the surrendering of its operating license, SBJ was renamed Sagicor SPV Limited, while RBCJ was rebranded Sagicor Bank Jamaica Limited.
August 2013
Effective 16 August 2013, the assets and liabilities of FirstCaribbean International Building Society were transferred to its parent FirstCaribbean International Bank (Jamaica) Limited under a scheme of arrangement.
May 2013
Following the acquisition of Capital and Credit Merchant Bank Limited (CCMB) by JMMB in 2012, the name of CCMB was changed to JMMB Merchant Bank Limited effective 21 May 2013
December 2012
PanCaribbean Bank Limited rebranded as Sagicor Bank Jamaica Limited effective 17 December 2012, to more closely align the institution with its ultimate parent company Sagicor Life Jamaica Limited.
June 2012
Effective 29 June 2012, JMMB assumed full control of Capital and Credit Merchant Bank and its subsidiaries, Capital and Credit Securities Limited and Capital and Credit Fund Managers Limited.
July 2011
On 11 July 2011, the Jamaica operations of RBC Financial Caribbean rebranded to RBC Royal Bank (Jamaica) Limited from RBTT Bank Jamaica Limited as a result of the acquisition of the RBTT Financial Group by Royal Bank of Canada in June 2008.
October 2010
Effective 1 October 2010, the assets and liabilities of Scotia DBG Merchant Bank Limited were vested in Bank of Nova Scotia Jamaica Limited and the operations merged. Consequently, the licence previously issued to Scotia DBG Merchant Bank Limited under the Financial Institutions Act was surrendered.
June 2008
The Minister of Finance granted a Commercial Banking Licence to PanCaribbeanBank Limited, (formerly Pan Caribbean Merchant Bank Limited), with effect from 23 June 2008. Consequently, the Merchant Banking Licence previously issued to Pan Caribbean Merchant Bank Limited under the Financial Institutions Act, was surrendered.
March 2008
On 19 March 2008, the name of DB&G Merchant Bank Limited was changed to Scotia DBG Merchant Bank Limited. This follows an earlier acquisition of its parent, Dehring Bunting and Golding Limited (DB&G Limited), by Scotia Group Jamaica Limited.
March 2007
‘Pursuant to sections 33 and 34 of the Financial Institutions Act and Regulations 15 – 20 of the Financial Institutions (Amalgamations and Transfers) Regulations 1997 and in accordance with the terms and conditions outlined in the Scheme of Transfer dated December 6 2006, Citimerchant Bank Limited transferred its assets and liabilities to Citibank N. A. (Jamaica Branch), effective 31 October 2006. The transfer was approved by the Minister of Finance and the assets vested pursuant to the Financial Institutions (Transfer of Assets and Liabilities of Citimerchant Bank to Citibank N. A. (Jamaica Branch) Vesting Order, 2006. Consequently, on the 5 March 2007, Citimerchant Bank Limited surrendered its deposit taking licence under the Protection of Depositors Act (repealed and replaced by the Financial Institutions Act, 1992)’.
April 2006
The Minister of Finance formally approved the granting of a license under the Banking Act to PCMB, which will be issued once the appropriate change of name of PCMB is effected. PCMB’s existing license under The Financial Institutions Act is to be surrendered.
June 2004
The Minister of Finance formally approved the merger between PCMB and Manufacturers Merchant Bank Limited effective 1 June 2004. The merged entity now operates under the name Pan Caribbean Merchant Bank Limited.
April 2004
The Minister of Finance formally approved the merger between George & Branday Limited and First Global Bank Limited. The merged entity now operates under the name First Global Bank Limited.
August 2003
The Minister of Finance formally approved the scheme to amalgamate the assets and liabilities of Issa Trust and Merchant Bank with DB&G Merchant Bank effective 01 August 2003. The merged entity continues to operate under the name DB&G Merchant Bank Limited.
July 2003
FirstCaribbean International Trust & Merchant Bank Ltd. transferred its banking assets and liabilities to FirstCaribbean International Bank (Jamaica) Ltd. and surrendered its deposit-taking license effective 01 July 2003.
January 2003
International Trust & Merchant Bank transferred its remaining deposit liabilities to National Commercial Bank Jamaica Ltd. (NCB) and surrendered its deposit-taking license.
November 2002
During November 2002 the deposit liabilities of Scotia Jamaica Trust & Merchant Bank were transferred to Scotia Jamaica Building Society and its Deposit Taking Licence surrendered on 11 November 2002. The entity was renamed Scotia Jamaica Investment Management Limited and operates under its securities dealers licence.
October 2002
Selected areas of the Caribbean operations of CIBC and Barclays Plc (Barclays) were amalgamated and the joint venture entities in Jamaica renamed FirstCaribbean International Jamaica Limited. Accordingly, CIBC Building Society was renamed FirstCaribbean International Building Society, CIBC Trust & Merchant Jamaica Limited was renamed FirstCaribbean International Trust & Merchant Bank ( Jamaica ) Limited and CIBC Jamaica Limited was renamed FirstCaribbean International Bank ( Jamaica ) Limited.
March 2002
In March 2002, AIC Limited (a Canadian Funds Management Company) acquired FINSAC’s 76% shareholding in NCB.
December 2001
Trafalgar Commercial Bank Limited was renamed First Global Bank Limited.
July 2001
Manufacturers Merchant Bank Limited changed its name to Manufacturers Sigma Merchant Bank Limited consequent on its acquisition of Sigma Unit Trust Managers Limited and the assets and liabilities of Sigma Investment Managers Limited.
June 2001
The business of Jamaica Savings and Loan Building Society was transferred to Jamaica National Building Society and its licence surrendered.
March 2001
Union Bank was acquired by a Trinidadian Financial Holding Company, RBTT Financial Holdings Limited. The bank was subsequently renamed the RBTT Bank Jamaica Limited.
