National Commercial Bank Jamaica Limited (NCBJ) has announced the execution of a sale agreement with Berkeley Financial Holdings Limited in respect of NCBJ’s wholly-owned subsidiary, NCB (Cayman) Limited.
NCB (Cayman) Limited is a commercial bank domiciled in the Cayman Islands, which operates under a Class-A licence from the Cayman Islands Monetary Authority (CIMA).
“This represents a significant step in our journey towards more strategic capital deployment across our banking group. We are confident that our customers in the Cayman Islands will continue to receive excellent financial stewardship from Berkeley Financial Holdings Limited, who are leaders in growing offshore financial institutions. Furthermore, we anticipate that this move will yield significant financial inflows for NCB Financial Group Limited, as we look to increased sustained growth,” said Bruce Bowen, CEO of NCBJ.
Based in the UK Berkeley Financial Holdings Limited is a financial services group, known for its innovative approach to providing comprehensive banking and investment solutions to its global clientele.
“We found NCB (Cayman) Limited’s banking platform in the jurisdiction of the Cayman Islands to be very attractive,” shared Mark D. Maragh, Director of Berkeley Financial Holdings Limited. “Therefore, acquiring NCB (Cayman) Limited aligns perfectly with our expansion strategy, and we are excited to welcome the NCB Cayman team into our family. Working closely with the current local leadership and the private banking relationship management team, we are confident that Berkeley Financial Holdings Limited will play a pivotal role in enhancing the client experience, both locally and globally.”
This strategic move also aligns well with the ongoing efforts of NCBJ’s parent company – NCB Financial Group Limited (NCBFG) – to optimise capital allocation and focus on its core businesses.
Interim Group CEO of NCBFG, Robert Almeida, shared, “NCB is not leaving the Cayman Islands. Our presence in Cayman remains strong through NCB Capital Markets (Cayman) Ltd., our investment banking, wealth and asset management subsidiary. Also, while this transaction will see Berkeley Financial Holdings Limited acquire NCB (Cayman) Limited, we plan to collaborate with Berkeley Financial Holdings Limited to leverage the great platform that has been developed by the team to give clients access to an expanded array of global products and services. However, this move allows us to simultaneously optimise capital allocation across the Group to improve efficiency, and position ourselves for accelerating growth.”
NCBFG expects to record a gain in its consolidated financial results upon completion of the transaction. Going forward, the sale of NCB (Cayman) Limited will not have a material impact on the future earnings or the asset base of the group.
Completion of the transaction is still subject to conditions, including all necessary regulatory approvals. Following the proposed sale, NCBFG – through its subsidiaries – will provide transition support to Berkeley Financial Holdings Limited.
BroadSpan Capital is acting as the exclusive financial advisor to NCB for this transaction.