In an about-turn, NCB Financial Group (NCBFG) has announced that it plans to increase its interest in the Bermuda-based Clarien Group Limited (CGL).

The financial institution made the disclosure on the Trinidad and Tobago Stock Exchange, noting that it will purchase shares from private equity funds in which two of its directors have interests.

“NCBFG is expecting to acquire from the private equity funds an additional 17.92 per cent stake in CGL (which would increase NCBFG’s stake to 68.02 per cent of CGL’s voting shares),” the notice read in part.

“The timing of the transaction is to be confirmed but when it occurs, it is not expected to have a material impact on NCBFG’s financial performance,” it continued.

This move to increase ownership of CGL comes after the failed attempt to sell 30.20 per cent of its stake to Cornerstone Financial Holding. NCBFG entered into an agreement with Cornerstone on June 11, 2024. However, that deal expired in May this year with both parties opting not to pursue it any further.

The Jamaican financial giant also saw its divestment of NCB Cayman to Berkeley Financial Holdings fall through in January, when the Cayman Islands Monetary Authority did not grant regulatory approval. In that same month, the company announced the sale of Dutch insurance outfit Thoma Exploitatie Bv.

NCB’s divestment programme complements its efforts to reduce its debt and improve capital efficiency and flexibility.