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By Venesha Johnson | Associate Writer
Jamaica and the United States of America have cultivated a relationship with each other in various aspects. One of which we know is through tourism but another strong bond is through the banking system. While there are not many American banks in Jamaica, some Banks in Jamaica have branches in the United States and most, if not all, banks in Jamaica have banking relationships with America.
First National City Bank, the moniker by which Citibank was originally known, began operations in New York in 1812. Since then, Citi has played a significant role in some of the most cutting-edge developments in finance, such as the invention of the first ATM.
Since its establishment in Jamaica in 1960, Citi has served a diverse clientele that includes more than 150 multinational corporations and their local subsidiaries, financial institutions, major local businesses, and public sector and governmental organisations. These services include Cash Management, Treasury, Trade Finance, Corporate Finance, Loan and Liquidity products. To help corporate clients perform FX trades electronically and increase the efficiency of their confirmation and settlement procedures, Citi Jamaica introduced a trading platform.
Their Business Specialties are:
Banking, Capital Markets and Advisory- To be the best financial partner to its institutional customers, Citi's Banking, Capital Markets and Advisory division offers comprehensive relationship coverage and a full range of products and services.
Commercial Bank- By rationalising complex legacy setups or enabling clients to avoid them entirely, they help mid-sized businesses with revenues beginning at $10M USD handle the challenges of rapid growth and international expansion so they can scale more quickly and grow larger.
Treasury and Trade Solutions - The treasury services support the global optimisation of their client's requirements. Treasury and Trade Solutions offers international solutions that can assist clients in growing their businesses while putting money into research and development to create fresh solutions.
Address: 19 Hillcrest Ave, Kingston
Phone: (876) 926-3270
While Citi Bank is the only American bank currently operating in Jamaica, there are some Jamaican banks that currently have locations in the United States.
VM began operations as the Victoria Mutual Building Society in 1878. Since then, VM has grown to include 16 locations in Jamaica as well as representative offices in the US and the UK.
The VM Florida and New York Representative Offices serve as a point of contact between potential and current Members in the USA and the Society's main headquarters in Jamaica. They advertise goods and services, entice customers to buy them, and offer account information.
The Victoria Mutual Building Society's formal representative office in the UK is called VM Overseas (UK) Limited. It provides information on products and services and accepts documents for the opening of accounts domiciled in Jamaica. Additionally, it accepts documents for the processing of mortgage applications for buying property in Jamaica and responds to general inquiries on behalf of potential and current Members and Clients.
Members of the Representative Office's team assist the Building Society's marketing and outreach efforts in the UK by participating in and promoting a variety of activities and events that are held among the Jamaican diaspora in the country.
There American locations are:
New York Representative Office
300 Cadman Plaza West
One Pierrepont Plaza, 12th Floor,
Brooklyn New York 11201 USA
Florida Representative Office
The Sienna Shops
2600 S. University Drive, Suite #109,
Miramar, Florida 33025
The Bank of Nova Scotia started in Canada in 1832. Since then they have expanded across America, Jamaica, and several other Caribbean countries, Asia and Europe offering full-service banking in each location.
These are their locations in the states:
New York - Head office
250 Vesey Street, 23rd Floor
New York, New York
711 Louisiana Street, Suite 1400
415 Mission Street
San Francisco, California
The Banking relationship between America and Jamaica has grown over the years, allowing seamless transactions between the two countries.
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