Wed | Dec 2, 2020

Hylton, Cohen freed of operational roles at NCB’s commercial bank

Published:Wednesday | July 31, 2019 | 12:24 AM
NCB Financial Group President and CEO Patrick Hylton walks behind his deputy and chief financial officer, Dennis Cohen, on arrival at an investors’ briefing held in September 2017.
NCB Financial Group President and CEO Patrick Hylton walks behind his deputy and chief financial officer, Dennis Cohen, on arrival at an investors’ briefing held in September 2017.

Having crested $1.5 trillion in value, measured in total assets, NCB Financial Group Limited is freeing its two top leaders of their operational roles in the flagship commercial banking subsidiary.

Patrick Hylton is being replaced as CEO of National Commercial Bank Jamaica, NCBJ, by Septimus Blake, effective Thursday, August 1, while Dennis Cohen is being replaced as chief financial officer at NCBJ by Malcolm Sadler.

Hylton will remain president and CEO of parent company NCB Financial and will continue to serve on that board, as well as remain a director of NCBJ. Cohen will also remain a director of both companies, and continue as CFO and deputy CEO of NCB Financial.

NCB’s latest growth spurt came through its acquisition of regional insurance conglomerate Guardian Holdings Limited, in which it now holds 62 per cent interest. That has brought new challenges for the banking conglomerate, which, while not in breach of its ratios, is weighing whether it might need to buttress its capital.

Efforts at comment from NCB Financial on the precise rationale for the management changes and Hylton’s priority focus going forward were unsuccessful.

Since the announcement of the management changes, NCB Financial’s stock has slipped to $215.08 per share, down from $220.75 last Friday.

business@gleanerjm.com