Tue | Jul 23, 2024

NCB Financial selling a piece of Clarien to Cornerstone

Published:Friday | June 14, 2024 | 12:10 AM

Robert Almeida, CEO of NCB Financial Group Limited.
Robert Almeida, CEO of NCB Financial Group Limited.

NCB Financial Group Limited said on Thursday that it has reached a deal with Cornerstone Financial Holdings Limited for the sale of a 30.2 stake in Clarien Group Limited.

Its holdings in Bermuda-based Clarien will fall from a majority 50.1 per cent to 19.9 per cent interest.

The value of the share-purchase transaction was not disclosed. Clarien’s holdings include a bank, investment firm and a trust company.

“NCB Financial Group Limited’s decision to sell its controlling interest in Clarien Group is a strategic move aligned with our ongoing efforts to reallocate capital effectively,” said NCB Financial CEO Robert Almeida in a company statement.

“We are pleased to remain a shareholder with a 19.9 per cent stake in Clarien Group Limited, and we look forward to continuing our collaboration with existing shareholder Edmund Gibbons Limited, while welcoming new shareholder, Cornerstone,” Almeida said.

The closing of the deal is subject to regulatory approval.

“Once complete, NCBFG will provide transition support to Cornerstone through its subsidiaries,” said NCB Financial.

The Jamaican banking conglomerate says the transaction will not have a material effect on its future earnings and asset base.

Cornerstone is a company owned by Jamaicans, including Mark Myers and Paul Simpson, with one of its prime assets being Barita Investments Limited.

business@gleanerjm.com