In a release on August 4, 2016, we advised of the intentions of National Commercial Bank Jamaica Limited (NCBJ) to pursue a corporate restructuring activity under which NCB Financial Group Limited would become the financial holding company of NCBJ and its subsidiaries. At the time, we also advised that we had engaged the Bank of Jamaica (BOJ) in that regard. We are now pleased to advise that the BOJ has indicated that it has no objection to the proposal.
We are, therefore, proceeding with the activity. This will require other approvals in the coming months, notably including the approval of the Supreme Court and our shareholders.