Cornerstone is now awaiting a no-objection go-ahead pertaining to its 70.1 per cent acquisition stake in Bermuda’s Clarien Group.

This will be Cornerstone’s first foray into international acquisition though it does have two businesses domiciled in the United States.

Cornerstone’s acquisition of Clarien is in two stages.

Last year, NCB entered a share purchase agreement to sell 30.20 per cent of its stake in Clarien Group to Cornerstone Financial Holdings which was founded by Paul Simpson. 

This move saw NCB’s ownership in the Bermudian outfit reduced from 50.10 per cent to 19.90 per cent.

As it currently stands, Cornerstone acquired NCB’s 30.20 per cent stake as well as all of Portland Private Equity’s 17.92 shareholding. Bermuda’s Edmund Gibbons  Limited held 31.98 per cent of which it offloaded 21.98 per cent to Cornerstone.

Flushed with the success of the Barita acquisition, Cornerstone has actively been in acquisition mode. Post-COVID and with interest rates trending down, it will be on the hunt.

With such a sizeable shareholding in Clarien, it will present opportunities for many Jamaican banking professionals. 

The Bank of Jamaica is expected to make a pronouncement on this significant move by Cornerstone in the coming weeks.

Speaking at a Mayberry Investor Forum last week, Minister of Finance Fayval Williams talked about actively encouraging Jamaican companies to expand and seek opportunities. She is hoping to see more companies list on both the main and junior stock exchanges.

Speaking to shareholders after yesterday’s meeting, Cornerstone’s chairman Mark Myers said: “ We live in Jamaica, our children live in Jamaica, we want and support Jamaica’s growth. We support the growth agenda put forward by the Government and the Minister of Finance.”

Paul Simpson added: “ I’m sure my chairman supports the Build Jamaica agenda. Our board wants to create growth and jobs and with this acquisition we will.”