NCB Financial Group Limited (“NCBFG”) announces that NCB Capital Markets Limited (“NCBCM”), a subsidiary of NCBFG, has entered into a share purchase agreement with Sagicor Investments Jamaica Limited, Fundy Bay Equity Holdings Limited (affiliated with Mark Thompson) and Resource In Motion Limited (affiliated with Donovan Lewis) for the sale of NCBCM’s 100% stake in Advantage General Insurance Company Limited.
The Share Purchase Agreement contemplates that the shares will be sold for a consideration of US$50,500,000.00 (approximately J$6,592,775,000.00).
Completion of the transaction is subject to regulatory approval.
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About NCB Financial Group NCB Financial Group Limited (“NCB”) was incorporated in April 2016 to be licensed under the Banking Services Act as the financial holding company for National Commercial Bank Jamaica Limited (“NCBJ”). NCB is the largest and most profitable financial services group in Jamaica with roots dating back to 1837. Through the bank and its wealth management, life and general insurance, and offshore banking subsidiaries, NCB provides a wide array of financial products and services to meet the needs of individual and business clients. The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman, NCB Insurance Company Limited, Advantage General Insurance Company Limited, NCB (Cayman) Limited, Clarien Group Limited and its subsidiaries in Bermuda, Guardian Holdings Limited and its subsidiaries as well as NCB Global Finance Limited in Trinidad and Tobago.
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NCB Financial Group Limited 32 Trafalgar Road | Kingston 10 | Jamaica W.I. www.myncb.com
Nichole Brackett Walters, Manager – Group Marketing, Communications, Analysis & Digitization Division Tel: 1-876-935-2342; Email: [email protected]
Jacqueline De Lisser, Head -Group Investor Relations, Performance Monitoring & Planning Tel: 1-876-935-2540; Email: [email protected]