National Building Society of Cayman

National Building Society of Cayman

Mission

We are a Caymanian financial institution delighting local and international customers with a range of superior savings, loans and other financial products and services.

Vision

NBSC is the financial institution of choice in Cayman. Our services are accessible globally anytime, anywhere. We are financially sound and a model of good corporate governance.

The National Building Society of Cayman (NBSC) was established on October 5, 1992 and incorporated under the Building Societies Law of the Cayman Islands on October 5, 1992.

The Jamaica National Building Society (JNBS) played an integral role in the establishment of the NBSC.  In the early years JNBS supported NBSC with technical and operational assistance, while maintaining a small share ownership position.

In 2002, JNBS acquired controlling interest in NBSC, increasing its shareholding to 93 percent, thereby making it a subsidiary. The operations were conducted from offices located at Eastern Avenue, George Town, Grand Cayman until January 2011, when it relocated to newly acquired premises at 29 Elgin Avenue in central George Town, Grand Cayman.

NBSC is unique in its environment, as it is the only Building Society in the Cayman Islands. Its principal activities are granting home loans and deposit taking by way of regular savings accounts and Fixed Deposits. Both mortgage and deposit accounts are offered in US and CI dollars. The Society has maintained a policy of offering attractive interest rates to its customers, and relies on the Phoenix banking system, as does its parent, JNBS.

NBSC is regulated by the Cayman Islands Monetary Authority (CIMA).

For the 2010/11 financial year, the National Building Society of Cayman (NBSC) recorded a significant increase of 65 percent in its deposit portfolio, moving to CI $41.6 million from CI $25.2 million in the previous year. However, its financial performance was negatively impacted by the loan loss provision and by the transfer of the remittance business to JN Money Services Limited, following the acquisition of the QuikCash business.

NBSC’s participation in the purchase of QuikCash led to the acquisition and relocation to new office premises at 29 Elgin Avenue in central George Town. This fulfilled a wish to relocate the building society from Eastern Avenue to the general banking district. The building society side of the business was relocated in early January 2011, leaving the money remittance business at Eastern Avenue.  NBSC expects to increase its local deposits and mortgage business operating in this central location.

In keeping with a corporate decision, the money remittance business will be conducted via a new entity, JN Money Services (Cayman) Limited, a company in which NBSC has minority shareholding, while JN Money Services Limited holds the majority.

In December 2010, the building society co-sponsored the Northern Caribbean Conference on Economic Co-operation (NCCEC), with its parent company, the Jamaica National Building Society and The University of the West Indies.  The conference, held in Grand Cayman, provided a platform for top business and political leaders from seven northern Caribbean countries to discuss key issues of importance to the Northern Caribbean region, including immigration, trade, education and security.
For more information contact:
National Building Society of Cayman
29 Elgin Avenue
P O Box 504
Grand Cayman  KY1-1106
CAYMAN ISLANDS
Tel: 345 946 3030;
Fax: 345 946 3031
email:nbs@candw.ky
Website: http://www.nbsc.com.ky/

Share and Enjoy

Useful Links

Get in Touch

Advertisement

Copyright © 2010. Jamaica National Building Society. All Rights Reserved.