Thu | Dec 3, 2020

Changes at NCB said to be years in the making

Published:Friday | August 2, 2019 | 12:18 AM

The management changes at National Commercial Bank Jamaica, NCBJ, have been in the making for several years, and will free top executives Patrick Hylton and Dennis Cohen to focus on integration and running the elevated parent operation, NCB Financial Group, the banking conglomerate has said.

NCB Financial announced the respective appointments of Septimus ‘Bob’ Blake and Malcolm Sadler as CEO and CFO of commercial banking subsidiary NCBJ on Monday, roles that were previously held by Hylton and Cohen.

The two top leaders retain their respective roles as president & CEO and deputy CEO & CFO of NCB Financial.

“With the expanded portfolio of the group, Hylton and Cohen will focus on the effective integration of all subsidiaries, while maintaining overall responsibilities for NCB Financial Group,” the company said in written responses to Financial Gleaner queries.

The plan for these appointments were in progress for several years and started with the appointment of Blake to chief operating officer for NCB Jamaica in April 2017, NCB said.

It comes within the context that NCB’s other subsidiaries, Clarien and newly acquired Guardian Holdings both have separate CEOs.

“With the completion of the acquisition of the majority shareholding in GHL, it became necessary to allow Hylton and Cohen to focus on leading the seamless integration of the expanded group, as NCB Financial Group focuses on its strategy of becoming the leading financial group in the region,” the company said.

The banking conglomerate’s other life insurance business in Jamaica, NCB Insurance, will not be merged with GHL.

“There has been no change in the structure of its insurance subsidiaries. NCB Insurance continues to be a subsidiary of NCB Jamaica, and Advantage General Insurance Company continues to be a subsidiary of NCB Capital Markets,” said NCB Financial.

NCB Capital is in the process of selling Advantage General to a consortium led by Sagicor Investments Jamaica.

Since its takeover of GHL, NCB Financial’s book value has grown to $176 billion, which amounts to 11 per cent of a record $1.56 trillion in total assets.

steven.jackson@gleanerjm.com