KINGSTON, Jamaica - Mutual Security Bank, a Jamaican commercial bank, said it was forming a joint venture with a Miami-based company that processes medical data.

The venture with National Transcription Technologies will process records for hospitals in the United States and Europe, operating from a free-trade zone in Jamaica.

Howard Ward, chairman of National Transcription Technologies, said his company will cut operating costs by 30% to 50% by having records transcribed in Jamaica.

The bank is to invest $1.5 million over the next two years, while National Transcription Technologies provides assets valued at $4 million.

Bank managing director Douglas Folkes said the company is forecasting earnings of $10 million and will employ 350 people at the end of five years.

Some $1.5 million in business has already been committed, according to officials.

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