Negotiations between National Commercial Bank Jamaica Limited (NCBJ) and Berkeley Financial Holdings Limited for the sale of NCB (Cayman) Limited have been terminated due to a lack of regulatory approval. 

In an interview with Our Today, NCB Group Chairman Michael Lee-Chin shared, “Whenever there is a transaction by financial institutions, there is always regulatory approval that is needed—it is conditional. We did not get regulatory approval for the transaction.”

He further explained that the Cayman Monetary Authority, which reviewed the terms of the deal between NCBJ and Berkeley Financial Holdings for approval, did not provide reasons for not approving the sale.

In a release to investors published by NCBJ’s parent company NCB Financial Group Limited, it was noted that the termination of the sale agreement arose as the transaction had not reached completion within the time agreed upon and in the specific manner contemplated by the parties. As a result, NCB Cayman remains a wholly owned subsidiary of NCBJ and maintains its focus on providing enhanced services to its clientele.

CEO of NCBJ Bruce Bowen said the institution’s focus “remains on identifying and pursuing opportunities” that align with the overarching objectives of our business.

“In the meantime, NCB (Cayman) Limited will continue to be a key component of our operations, playing an important role in delivering value to our clients and stakeholders. As we move forward, we are committed to leveraging its strengths and exploring strategic options that support growth and innovation within our group,” he continued.

NCB Cayman is a commercial bank domiciled in the Cayman Islands, which operates under a Class-A licence from the Cayman Islands Monetary Authority (CIMA) offering an array of investment banking, wealth and asset management to its customers. It plans to continue executing its strategy for increasing market share and expanding its product offerings.