NCBFG cancels Cayman deal with UK firm

 



One year after the deal was initiated, NCB Financial Group Limited (NCBFG) has cancelled the pending sale of a Cayman subsidiary.

On January 13, 2025, the group said that the share purchase agreement executed on February 2, 2024, between its Jamaican banking subsidiary National Commercial Bank Jamaica Limited (NCBJ) and Berkeley Financial Holdings Limited (Berkeley), a privately held company based in London, United Kingdom, for the sale of its 100 per cent stake in NCB (Cayman) Limited (NCB Cayman) has terminated.


The group in its notice on the Jamaica Stock Exchange said, “The termination of the agreement between NCBJ and Berkeley arises from the agreement not reaching completion within the agreed time and in the specific manner contemplated by them. The intention is therefore to explore alternatives at this juncture.”

The Group indicates that NCB Cayman, remains a wholly-owned subsidiary of NCBFG domiciled in the Cayman Islands. It currently operates under a category “A” banking license offering investment banking, wealth and asset management services.

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