NCBFG: Special Advisory

NCB Financial Group Limited (NCBFG) has advised of a transaction under which the Company will acquire a majority stake in Clarien Group Limited (CGL), owner of Clarien Bank Limited (Clarien) based in Hamilton, Bermuda. Under the transaction agreement, NCBFG will acquire a 50.1% majority stake in CGL. Funds managed by Portland Private Equity (PPE) will hold 17.92% and Edmund Gibbons Limited (EGL) will retain a 31.98% shareholding. The transaction has received approval of the Bank of Jamaica and a letter of no objection from the Bermuda Monetary Authority. Final completion of the transaction is subject to the approval of the Minister of Finance.