Sunday 18 November, 2018

NCB to acquire majority stake in Bermudan bank

NCB President and Group CEO Patrick Hylton said the acquisition is aligned with NCB’s regional growth strategy.

NCB President and Group CEO Patrick Hylton said the acquisition is aligned with NCB’s regional growth strategy.

NCB Financial Group has announced the transaction under which NCB will acquire a majority stake in Clarien Group Limited (CGL), the owner of Bermuda-based Clarien Bank.

Under the transaction agreement, NCB will acquire a 50.1 per cent majority stake in CGL, meanwhile funds managed by the Michael Lee Chin Portland Private Equity will hold 17.92 per cent and Edmund Gibbons will retain a 31.98 per cent shareholding.

The transaction has received the approval of the Bank of Jamaica and a letter of no objection from the Bermuda Monetary Authority. Final completion of the transaction is subject to the approval of the Minister of Finance.

NCB President and Group CEO Patrick Hylton said the acquisition is aligned with NCB’s regional growth strategy.

“Our investment in Clarien reflects our confidence in the prospects of the bank and Bermuda itself. As home to many of the world’s leading financial companies, Bermuda is respected as a stable, sophisticated legal and regulatory jurisdiction well equipped to meet the needs of international high net worth and institutional clients,” Hylton said.

He further stated: “We view this as a complement to our wealth management operations in the Caribbean.”

James Gibbons, Director of Clarien commented: “We are very excited by our partnership with NCB, which is one of the most successful financial services groups in the Caribbean and the broader Portland Group which includes operations in Canada and other international markets. It will enable us to expand out offerings locally, regionally, and globally.”