1 month ago
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The deal to sell the NCB Jamaica subsidiary, NCB Cayman, has fallen through just about a year after it was first announced.
In early February 2024, National Commercial Bank Jamaica Limited, NCBJ, announced the execution of a sale agreement with Berkeley Financial Holdings Limited in respect of NCBJ's wholly-owned subsidiary, NCB (Cayman) Limited.
At that time, CEO of NCBJ, Bruce Bowen noted that the pending sale represented a significant step in NCBJ's journey towards more strategic capital deployment across its banking group.
The deal for all intents and purposes was thought to be done and dusted but NCBJ announced on January 13, 2024, the termination of the agreement previously executed with Berkeley Financial Holdings Limited for the sale of NCBJ's wholly-owned subsidiary, NCB (Cayman) Limited, NCB Cayman.
In a release to investors published by NCBJ's parent company, NCB Financial Group Limited, it was noted that the termination of the sale agreement arose as the transaction had not reached completion within the time agreed and in the specific manner contemplated by the parties.
Bowen says the focus “remains on identifying and pursuing opportunities that align with the overarching objectives of our business,” he said in a release, adding that NCB Cayman will continue to be a key component of its operations.
NCB Cayman is a commercial bank domiciled in the Cayman Islands.
It operates under a Class-A licence from the Cayman Islands Monetary Authority (CIMA) offering an array of investment banking, wealth, and asset management to its customers.
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