NATIONAL Commercial Bank Jamaica Limited (NCBJ) announced that it has sold its NCB (Cayman) Limited subsidiary to UK-based Berkeley Financial Holdings Limited. NCB (Cayman) Limited is a commercial bank domiciled in the Cayman Islands, and operates under a Class-A licence from Cayman Islands Monetary Authority (CIMA).

Bruce Bowen, CEO of NCBJ, noted, “This represents a significant step in our journey towards more strategic capital deployment across our banking group. We are confident that our customers in the Cayman Islands will continue to receive excellent financial stewardship from Berkeley Financial Holdings Limited, who are leaders in growing offshore financial institutions. Furthermore, we anticipate that this move will yield significant financial inflows for NCB Financial Group Limited as we look to increased sustained growth.”

The proceeds from the sale were not disclosed but NCB said it will help with capital allocation across the group.

“We found NCB (Cayman) Limited’s banking platform in the jurisdiction of the Cayman Islands to be very attractive,” shared Robert Perrins, CEO, executive director, and group managing director of Berkeley Financial Holdings Limited. “Therefore, acquiring NCB (Cayman) Limited aligns perfectly with our expansion strategy and we are excited to welcome the NCB Cayman team into our family. Working closely with the current local leadership and the private banking relationship management team, we are confident that Berkeley Financial Holdings Limited will play a pivotal role in enhancing the client experience both locally and globally.”

The sale reduces NCB Financial Group’s footprint in the Cayman Islands to its NCB Capital Markets (Cayman) Ltd business — the investment banking, wealth and asset management subsidiary. NCBFG expects to record a gain in its consolidated financial results upon completion of the transaction. Going forward, the sale of NCB (Cayman) Limited will not have a material impact on the future earnings or the asset base of the group.

Completion of the transaction is still subject to conditions, including all necessary regulatory approvals. Following the proposed sale NCBFG — through its subsidiaries — will provide transition support to Berkeley Financial Holdings Limited.

BroadSpan Capital is acting as exclusive financial advisor to NCB for this transaction.