NCB Jamaica Limited says it has reached an agreement with UK-based financial services group, Berkeley Financial Holdings Limited, for the sale of wholly owned subsidiary, NCB (Cayman) Limited.

NCB Jamaica, in a statement, noted that sale completion is still subject to conditions, including all necessary regulatory approvals.

Miami-based investment banking firm BroadSpan Capital is acting as NCB’s exclusive financial advisor for the transaction.

The subsidiary operates under a Class-A commercial bank license from the Cayman Islands Monetary Authority (CIMA).

Following the proposed sale, parent company, the NCB Financial Group, will provide transition support to Berkeley Financial Holdings Limited through its subsidiaries.

Bruce Bowen, chief executive of NCB Jamaica, said the sale represents a significant step in the financial giant’s journey towards more strategic capital deployment across the banking group.

“We are confident that our customers in the Cayman Islands will continue to receive excellent financial stewardship from Berkeley Financial Holdings Limited, 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,” he added.

Based in the United Kingdom, Berkeley Financial Holdings Limited is a financial services group known for providing comprehensive banking and investment solutions to its global clientele.

“We found NCB (Cayman) Limited’s banking platform in the jurisdiction of the Cayman Islands to be very attractive,” shared Mark D. Maragh, 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,” Maragh remarked further.

The move also aligns well with the ongoing efforts by NCB Financial Group to optimise capital allocation and focus on its core businesses.

Robert Almeida, interim group CEO shared, “NCB is not leaving the Cayman Islands. Our presence in Cayman remains strong through NCB Capital Markets (Cayman) Limited, our investment banking, wealth and asset management subsidiary. Also, while this transaction will see Berkeley Financial Holdings Limited acquire NCB (Cayman) Limited, we plan to collaborate with Berkeley Financial Holdings Limited to leverage the great platform developed by the team in order to give clients access to an expanded array of global products and services. However, this move allows us to simultaneously optimise capital allocation across the group to improve efficiency and position ourselves for accelerating growth.”