Sunday 27 September, 2020

NCB upgrades its GoIPO platform ahead of TransJamaica Highway IPO

CEO of NCB Capital Markets, Steven Gooden.

CEO of NCB Capital Markets, Steven Gooden.

NCB Capital Markets has upgraded its GoIPO website ahead of the highly-anticipated TransJamaica Highway Initial Public Offering (IPO), which is set for the first quarter of this year.

The IPO is expected to be the largest in the Caribbean’s history. It involves the divestment of shares in the infrastructure company to the public.

NCB Capital Markets indicates that nearly 500,000 customers of the National Commercial Bank Jamaica Limited (NCB) can now open an investment account with NCB Capital Markets from the comfort of their homes or mobile devices via the company’s GoIPO platform.

Steven Gooden, CEO of NCB Capital Markets said Tuesday that clients whose records are up-to-date and currently have active online banking profiles will now be able to open an investment account in anticipation of the transaction.

This electronic account opening also facilitates the creation of a Jamaica Central Securities Depository (JCSD) account, which is a requirement for investing on the Jamaica Stock Exchange.

The company indicated that this applies only to customers of the bank, with deposit accounts and who are ‘KYC compliant’.

Though the investment house could not confirm when the operators of the East-West toll roads would come to market, Gooden said his team was “committed to ensuring maximum participation by allowing the NCB Financial Group’s customers with up-to-date records to open both the brokerage and JCSD accounts online.

"GoIPO revolutionised our equities market in just a few short months and we are set to do that yet again by introducing another feature designed to make the investment experience more seamless, especially for new stock market investors,” Gooden said.

Customers of NCB can pay directly from their bank accounts to purchase shares during an IPO as well as experience greater efficiencies during the post-IPO refunds, which can be sent back directly to their bank accounts or their NCB broker accounts.

Speaking to the further value of the brokerage account, Gooden noted that this account may be used by clients to avail themselves of other NCBCM products and services, not just stocks.

NCB clients who already use online banking can open an NCBCM account in minutes on the GoIPO Portal.

Those without NCB online banking access, Gooden said, are encouraged to download the NCB mobile app and sign-up for online banking from that platform. Once completed, customers can then go to GoIPO and open their investment account.

“People who are not NCB customers should not feel left out. They can visit an NCB branch to open both investment and deposit accounts in minutes using NCBX,” said Gooden.

NCBX is a digital solution that allows users to open investment and savings accounts via tablets at select NCB locations.

NCB Capital Markets, which recently copped top broker for the second consecutive year at last month’s prestigious Jamaica Stock Exchange Best Practices Awards, has brokered and arranged four public offerings in as many months - the most recent being that of Mailpac Group Limited, which listed last month - and interest in transactions of this nature is steadily increasing.

"If this is anything to go by then, Jamaicans can continue to engage the digital portal in an effort to build and manage their wealth," Gooden said noting that this enhancement will serve investors well and facilitate the deepening of the capital markets as well as encouraging financial inclusion.


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