Union Bank of Jamaica in Jamaica was the result of a merger in 2000 of the business of four FINSAC controlled commercial banks and their three allied merchant banks, all seven of which sought Government intervention when faced with insolvency: Citizens Bank; Eagle Commercial Bank; Island Victoria Bank; Workers Savings & Loan Bank; Citizens Merchant Bank; Corporate Merchant Bank; and Island Life Merchant Bank. Citizens Bank had started in 1967 as Jamaica Citizens Bank, the first Jamaican-owned bank. The US bank, Citizens and Southern had taken a 49% stake, and local interests owned 51%. At some point Citizens & Southern was forced to sell its shares to local interests. Eagle Commercial Bank had been established in 1968, and Island Victoria Bank in 1993.
In 2001, Royal Bank of Trinidad and Tobago bought Union Bank of Jamaica.
Famous quotes containing the words union, bank and/or jamaica:
“If the Union is once severed, the line of separation will grow wider and wider, and the controversies which are now debated and settled in the halls of legislation will then be tried in fields of battle and determined by the sword.”
—Andrew Jackson (1767–1845)
“O Gold! I still prefer thee unto paper,
Which makes bank credit like a bark of vapour.”
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“So in Jamaica it is the aim of everybody to talk English, act English and look English. And that last specification is where the greatest difficulties arise. It is not so difficult to put a coat of European culture over African culture, but it is next to impossible to lay a European face over an African face in the same generation.”
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