Wed | Mar 21, 2018

NCB Financial Group finalises deal to acquire stake in Clarien Group

Published:Friday | December 15, 2017 | 12:12 PM

NCB Financial Group Limited said it has now completed the deal to acquire a 50.1 per cent stake in Clarien Group Limited, owner of Clarien Bank Limited based in Hamilton, Bermuda.

When NCB made the announcement of its intention earlier this month, it said the transaction had received the approval of the Bank of Jamaica and a letter of no objection from the Bermuda Monetary Authority.

However, completion of the transaction was subject to the approval of the minister of finance under the provisions of the Companies Act 1981 in Bermuda.

NCB President and Group Chief Executive Officer, Patrick Hylton said then that “Bermuda is one of the world's premier financial jurisdictions and our alliance with Clarien is consistent with the strategic investments and joint ventures NCB Group identifies as key to growing our regional interests and driving continued growth and shareholder value."

He added that "we are committed to contributing to the growth of Bermuda's reputation to attract more business to the island and thereby create conditions that will benefit the economy as a whole."