Jamaica has made history with the launch of the Workers Savings and Loan Bank — the country’s first commercial bank to be entirely owned and operated by Jamaicans. Designed to meet the financial needs of workers, farmers, low-income earners, and small enterprises, the bank marks a significant step toward economic empowerment. Prime Minister Michael Manley purchased the first 1,000 shares, calling it an honour to support a venture aimed at increasing worker ownership and participation in the country’s financial system. 

Published Tuesday, July 10, 1973 

Workers Bank shares on market

- One million units going at 50 cents each
-P M buys first 1,000. Offer closes July 27  

ONE MILLION SHARES at 50 cents each in the Workers Savings and Loan Bank went on the public market yesterday morning. The share offer will be closed on July 27.
Prime Minister Michael Manley bought the first 1,000 shares at a cost of $500 yesterday morning when the general manager of the bank, Dr. Paul Chen-Young, along with the manager for investment and finance, Leroy Walford, visited him at Jamaica House.
The Workers Savings and Loan Bank will officially open its doors for business in the month of August. August 15 is the Appointed Day when all assets, including those of the Government Savings Bank, will be transferred to this bank.
The bank is essentially a partnership between the Government and people of Jamaica, designed to specifically serve the banking and financial needs of Jamaican workers and Jamaican-owned enterprises, and will be formed on the basis of the 103-year-old Government Savings Bank.
FIRST JAMAICAN BANK
Workers Savings and Loan Bank will be the first commercial bank to be owned and operated 100 per cent by Jamaicans. Among its objectives are to promote among workers the incentive and movement of workers, farmers, low-income persons, and small enterprises; to support, encourage and strengthen the co-operative movement and other worker organisations.
Other objectives are: to mobilise long-term financing for economic purposes such as housing; to hold and administer funds deposited in trust by agencies that assign to it retirement or other funds for the benefit of workers; and to facilitate ownership by workers in the financial assets of the country.
After signing his share form, the prime minister said that he was “pleased and honoured” to be a shareholder in the bank because of what it meant to the workers of the country.
He said he was pleased that the whole development could increase workers' earnings and, through this, their status in the country could change through ownership and industrial participation.
Manley paid tribute to all involved in the bank’s development. He said that he was proud of all the energy displayed in the venture.
STRONG INTEREST
The bank’s general manager told the prime minister of the strong interest shown in the bank by Jamaicans living in the United Kingdom. As a result of this, he said, the Jamaican high commissioner in that country had made a request for application forms and for more information relating to the bank.
Resulting from this interest, Dr Chen-Young said application forms would be sent to all the Jamaican high commissions abroad.
He said that the interest from the small people of the country in the bank was “extremely encouraging”. Special offers were also being made to encourage depositors in the Government Savings Bank to purchase shares in the new bank, he added.
The response from some of the large companies on the island was also encouraging, he said. The Kaiser Bauxite Company was prepared to advance funds for their workers to purchase shares in the bank, and a deduction scheme had been developed at that company under which money could be deducted from the workers’ salaries.
In a talk with The Gleaner, the general manager spoke on plans for the expansion of the bank. He said that they had just concluded a lease agreement to occupy a floor of the new Dominion Life Building on Union Street in Montego Bay, to set up a branch of the bank.
He said that Montego Bay was deliberately chosen to give coverage to the western part of the island. If everything went well, he said, they were going to open this new branch in October.
Dr Chen-Young said that the opening of this new branch would mark the beginning of the expansion phase of the bank. This programme, he said, would be accelerated. The expansion programme was geared primarily at providing closer banking services to the workers.
A special staff-training programme was now underway to assist the bank’s employees to cope with the expansion programme, Dr Chen-Young said.

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