Feb 2024 Financial News

NCB Financial Group Limited - Notice of a Proposed Divestment of a Cayman Subsidiary

Feb 05, 2024

NCB Financial Group Limited (NCBFG) announces that National Commercial Bank Jamaica Limited, its Jamaican banking subsidiary, has entered into a Share Purchase Agreement with Berkeley Financial Holdings Ltd (Berkeley), a privately held company based in London, United Kingdom, for the sale of its 100% stake in NCB (Cayman) Limited (“NCB Cayman”).

This proposed transaction is in keeping with NCBFG’s ongoing strategy to recalibrate capital allocation. NCB Cayman is domiciled in the Cayman Islands and operates under a Category “A” Banking licence.

The completion of this transaction is subject to conditions including all necessary regulatory approvals. Following the proposed sale, NCBFG, through its subsidiaries, will provide transition support to Berkeley, in addition to maintaining its interest in NCB Capital Markets (Cayman) Ltd.

NCBFG expects to record a gain in its consolidated financial results upon completion of the transaction. Going forward, the sale of NCB Cayman will not have a material impact on the future earnings or the asset base of the Group.
 

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 5th February, 2024