The National Commercial Bank (NCB) group said on Thursday (April 21) that the company is still in the process of securing regulatory approval for the transaction involving gaining a controlling stake in Guardian Holdings Ltd.

“We are currently in the process of receiving the required regulatory approvals from various regulators across the region,” Damian Duncan, Assistant General Manager, Mergers and Acquisitions told the Jamaica Observer.

In November 2015 the NCB purchase of a 29.99 per cent stake in GHL was initiated through a private sale of shares owned by the Lok Jack and Ahamad families and the International Finance Corporation, the private sector arm of the World Bank.

The transaction price was not shared.

On Thursday, Duncan did not indicate, as requested, which authorities have already given approval in which markets, nor did he say which markets remain to complete a review of the transaction.

Guardian Holdings Limited (GHL) is the parent company for the integrated financial services group, the Guardian Group, with a focus on life, health, property and casualty insurance, pensions and asset management.

The company currently serves markets in 21 countries across the English and Dutch Caribbean, including Trinidad & Tobago, Barbados, Jamaica, Curacao, Aruba, St Maarten and Bonaire.

The Trinidadian company – formed in 1982 and listed on the Trinidad and Tobago exchange (TTSE) – has 20 subsidiaries.

The almost one-third stake to be acquired by National Commercial Bank Jamaica Ltd (NCB) in Guardian Holdings will give it controlling interest in a regional company with total assets of TT $ 23.08 billion (TT$1 = $0.16 US dollar).

The Lok Jack and Ahamad families, previously the largest shareholders through their respective holding companies, will continue to hold approximately 22 per cent of GHL.

NCB is Jamaica’s largest banking group with assets of $374.42 billion as at December 31, as indicated by Bank of Jamaica (BOJ) data.

The company, chaired by Canadian billionaire Michael Lee Chin, has been expanding its regional footprint. Recent acquisitions and expansions by the finance house in the region include the acquisition of general insurance company Advantage General in Jamaica, AIC Ltd in Trinidad and the opening of NCB Capital Markets Barbados. The company also has an asset management subsidiary in the Cayman islands.