Durrant Pate/Contributor

NCB Financial Group (NCBFG) has signed a Share Purchase Agreement with its banking subsidiary NCB Jamaica for the sale of a 35.5% equity stake in Clarien Group, out of Bermuda.

Clarien, a majority-owned subsidiary of NCBFG, will acquire NCB Jamaica’s wholly owned subsidiary, NCB (Cayman), together with a defined portfolio of wealth and investment management client relationships currently serviced within the NCB’s Cayman operations. 

Upon completion, the Cayman entity will operate under the Clarien brand. The transaction forms part of the NCB Financial Group’s ongoing efforts to optimise its business structure and align related business activities. 

Transaction is intra-group in nature 

The transaction is intra-group in nature and does not involve any third parties. This internal reorganisation is consistent with the Group’s strategy to strengthen capital and operational efficiency, better align its banking operations and unlock synergies across subsidiaries.

It further enhances NCBFG’s ability to deliver consistent value to clients and shareholders. The transaction is not expected to have a material impact on NCBFG’s consolidated earnings or asset base.  

NCBFG’s consolidated equity investment in Clarien Group will remain unchanged at 50.1% following the completion of this transaction, which is subject to the receipt of all required approvals and non-objections.

Clarien currently owns one of the leading financial institutions in Bermuda, which offers an array of banking, wealth and asset management services and intends to maintain its focus on providing enhanced value to its customers.