NCBFG and Cornerstone deal for purchase of controlling stake in Clarien Group Limited falls through

 

NCB Financial Group Limited (NCBFG) announced on May 8, 2025, that the Share Purchase Agreement executed on June 11, 2024, with Cornerstone Financial Holdings Limited (Cornerstone), a privately held company headquartered in Barbados, for the sale of 30.20 per cent of its stake in Clarien Group Limited (Clarien) has expired with the parties not extending the agreement.

Clarien remains a subsidiary of NCBFG domiciled in Bermuda. It 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.

Previously NCB Financial Group Limited’s indicated that its decision to sell its controlling interest in Clarien Group was "a strategic move aligned with ongoing efforts to reallocate capital effectively,” according to Robert Almeida, group CEO.

The plan was to remain a shareholder with a 19.90 per cent stake in Clarien Group Limited, collaborating with existing shareholder Edmund Gibbons Limited (EGL) while anticipating the new majority shareholder, Cornerstone, would hold approximately 70.10 per cent.

It is the second deal for NCBFG which has failed to close within the last 12 months.  In February 2025 the sale of NCB (Cayman) Limited between National Commercial Bank Jamaica Limited (NCBJ) and Berkeley Financial Holdings Limited was terminated due to the transaction not being completed in the stipulated time and in the specific manner as defined under a share purchase agreement.

NCBJ announced last February that it had entered into an agreement with Berkeley to sell NCB (Cayman). This was part of the larger goal of NCB Financial Group Limited (NCBFG) to reallocate capital across the financial conglomerate. 

The Cayman bank had received a Class A banking license in November 2022, which is the highest banking license that a bank can attain in the Cayman Islands.

Caribbean Money Daily

Photo: Mark Myers, Chairman of Cornerstone Holdings.

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