Published:Monday | November 30, 2015 | 4:04 PM
The National Commercial Bank Jamaica Limited (NCBJ) is to acquire 29.9 per cent stake in Guardian Holdings Limited (GHL).Â
In a statement this afternoon, the Guardian Group said the acquisition will be made through the private purchase of some of the shares held by companies owned by the Lok Jack and Ahamad families and the International Finance Corporation — the private sector arm of the World Bank.
For a number of years, the Lok Jack and Ahamad families have been the largest shareholders of GHL.
Guardian says however, that even though the companies will sell a portion of their shareholding to NCBJ, they will continue to hold a very significant stake of about 22 per cent of Guardian Holdings Limited.
“The successful completion of this transaction is subject to all necessary regulatory approvals in Trinidad and Tobago as well as in Jamaica,” a Guardian group spokesperson said in the statement.
Guardian has also described the transaction a momentous event in the financial services sector in the Caribbean.
GHL, a leading insurer across the region, holds top positions in Trinidad and Tobago and Jamaica, while NCBJ — one of the largest banks in the Caribbean — is the top banking and financial services group in Jamaica, with interests in the wider Caribbean region.
“The alignment of NCBJ and GHL is a very positive development and holds great opportunity for our shareholders, our clients and our employees,” said Guardian Group CEO, Ravi Tewari.
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