Minister of Finance and the Public Service Audley Shaw greets recently installed president of the Private Sector Organisation of Jamaica (PSOJ), Paul Scott, at yesterday’s ninth annual pensions seminar hosted by Prime Asset Management Limited in association with the PSOJ at the Jamaica Pegasus, New Kingston (Photo: Michael Gordon)

Minister of Finance and Public Service Audley Shaw says that two new commercial banking licences have been granted to local financial institutions.

However, he warned that the granting of the licences were in keeping with the new Government’s policy of competitiveness in the financial sector and a policy of financial inclusion, which will include small and medium-sized businesses.

“I say to the commercial banks: look out, because I am pushing for competition,” Shaw told yesterday’s ninth annual pensions seminar staged by Prime Asset Management Ltd in association with the Private Sector Organisation of Jamaica (PSOJ) at the Jamaica Pegasus hotel, New Kingston.

The two licences have been granted by the Bank of Jamaica to Jamaica National Building Society (JNBS) and Jamaica Money Market Brokers (JMMB).