Jan 2025 Financial News

NCB Financial Group Limited - Notification of Cancellation Agreement for Divestment of a Cayman Subsidiary

Jan 14, 2025

NCB FINANCIAL GROUP LIMITED ANNOUNCES CANCELLATION OF AGREEMENT FOR DIVESTMENT OF A CAYMAN SUBSIDIARY

NCB Financial Group Limited (NCBFG) announces that the Share Purchase Agreement executed on February 2, 2024 between its Jamaican banking subsidiary National Commercial Bank Jamaica Limited (NCBJ) and Berkeley Financial Holdings Limited (Berkeley), a privately held company based in London, United Kingdom, for the sale of its 100% stake in NCB (Cayman) Limited (NCB Cayman) has terminated.

The termination of the agreement between NCBJ and Berkeley arises from the agreement not reaching completion within the agreed time and in the specific manner contemplated by them. The intention is therefore to explore alternatives at this juncture.

NCB Cayman remains a wholly-owned subsidiary of NCBFG domiciled in the Cayman Islands. It currently operates under a Category “A” Banking licence offering an array of investment banking, wealth and asset management services and intends to maintain its focus on providing enhanced value to its customers.


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday 14th January, 2025