Cornerstone to acquire Bermuda-based company

NCB Financial Group Limited has entered a share purchase agreement with Cornerstone Financial Holdings Limited for the sale of 30.20 per cent of its stake in Clarien Group Limited.

In an announcement of the Trinidad and Tobago Stock Exchange on Thursday (June 13), NCBFG noted that following the proposed divestment, the group will retain a 19.90 per cent interest in Clarien, which is based in Bermuda. 

“NCB Financial Group Limited’s decision to sell its controlling interest in Clarien Group is a strategic move aligned with our ongoing efforts to reallocate capital effectively,” shared Robert Almeida, group CEO.

“We are pleased to remain a shareholder with a 19.90 per cent stake in Clarien Group Limited, and we look forward to continuing our collaboration with existing shareholder Edmund Gibbons Limited (EGL) while anticipating the new majority shareholder, Cornerstone, who will hold approximately 70.10 per cent.”

Almeida continued, “This transaction underscores our commitment to optimising our portfolio while highlighting our confidence in Clarien’s continued success. We are excited about the future prospects and growth opportunities that this will bring, ensuring that our investments align with our long-term goals and the interests of our stakeholders.”

Completion of the transaction between NCBFG and Cornerstone is subject to conditions, including the requisite regulatory approvals. Once complete, NCBFG will provide transition support to Cornerstone, through its subsidiaries.

The Michael Lee-Chin-led group said further details would be provided concerning the transaction, maintaining that NCBFG’s reduced ownership interest in the Clarien Group will not have a material impact on the future earnings or the asset base of NCBFG after the completion of the sale.