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GHL announces changes in significant shareholding and the acquisition by NCBJ of a substantial interest

Nov 30, 2015

Guardian Holdings Limited announces changes in significant shareholding and the acquisition by National Commercial Bank Jamaica Limited (NCBJ) of a substantial interest

Port-of-Spain, Trinidad, November 30th, 2015: Guardian Holdings Limited (GHL) has been notified by the National Commercial Bank Jamaica Limited (NCBJ) that NCBJ has agreed to purchase a 29.9% stake in GHL. This will be achieved through a private sale of part of their shares held by companies owned by the Lok Jack and Ahamad families and the International Finance Corporation (IFC), the private sector arm of the World Bank. The successful completion of this transaction is subject to all necessary regulatory approvals in Trinidad and Tobago as well as in Jamaica.

This transaction is a momentous event in the financial services sector in the Caribbean, as GHL is the leading insurer across the region, and holds leading positions in Trinidad and Tobago and Jamaica, while NCBJ, one of the largest banks in the Caribbean, is the top banking and financial services group in Jamaica, with interests in the wider Caribbean region.

According to Guardian Group CEO Ravi Tewari “The alignment of NCBJ and GHL is a very positive development and holds great opportunity for our shareholders, our clients and our employees.” Mr. Tewari indicated that “With its sterling reputation for financial strength, growth and customer service, in the banking space, NCBJ mirrors Guardian Group in the insurance space.” These sentiments were echoed by NCBJ Group Managing Director Mr. Patrick Hylton, who added “This relationship between two of the largest financial services organizations in the Caribbean creates significant opportunities for growth. NCBJ’s mindset as a shareholder is to buy, hold and prosper, which is a perfect match for the long-view held by Guardian Group, necessary to operate in the insurance landscape. NCBJ would also bring a great deal of new investment opportunities for Guardian’s asset book.”

For a number of years, the largest shareholders of GHL have been the Lok Jack and Ahamad families. Even though they will sell a portion of their shareholding to NCBJ they will continue to hold a very significant stake of approximately 22% of GHL. The continued significant shareholding of the Lok Jack and Ahamad families speaks to their confidence in and alignment with the vision and continued growth of the Guardian Group. GHL Chairman Lok Jack commented that existing shareholders of GHL have contributed significantly to the growth of the Guardian Group. IFC was clear from the onset that they would desire an exit in a roughly seven-year horizon as this is their business philosophy. I am very happy that we have achieved a regional solution. In the process we have replaced two shareholders desiring exits with shareholders who are eager to support the growth and expansion of the Guardian Group.”

Mr. Arthur Lok Jack will continue as Chairman of GHL and the majority of the Board will continue to be independent directors. Chairman Lok Jack highlighted that “For several years we saw significant net Foreign Direct Investment (FDI) flows mainly from Trinidad to Jamaica. In this instance, there will be a notable reversal of that trend, with the leading Jamaican financial institution taking a major stake in the economy of Trinidad and Tobago through the leading insurance and financial services group – Guardian Group. This augurs well for the future strength and stability of both organizations, all stakeholders and Trinidad and Tobago/Jamaica relations.”


Integrated Marketing Communications Unit
Guardian Group
1 Guardian Drive, Westmoorings
Tel: 1-868-632-5433 Ext. 2056 Fax: 1-868-632-5495
Larry Olton, GHL Group VP – Integrated Marketing Communication

November 30, 2015



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