• Today
    July 21

  • 07:53 PM

Jamaican group completes take-over of Trinidad insurance company

CMC,

Added 16 May 2019

guardian-group-052217

KINGSTON – The National Commercial Bank Financial Group (NCBFG) says it has “successfully completed” the acquisition acquire control of the Trinidad-based company, Guardian Holdings Limited (GHL).

NCBFG in a statement posted on the Jamaica Stock Exchange, said together with its whole owned subsidiary, NCB Global Holdings Limited (NCBGH), it had acquired 72 230 750 ordinary shares in GHL following the granting of all necessary regulatory approvals. It said the acquisition had taken place earlier this week, but gave no details as to the price paid.

Late last month, Trinidad and Tobago Finance Minister, Colm Imbert, announced that it had has issued a licence to the Jamaican conglomerate to acquire control of GHL.

GHL is the parent company for an integrated financial services group known as Guardian Group, which is involved in life, health, property and casualty insurance, pensions and asset management throughout the Caribbean.

Imbert said that the licence had been issued under the Foreign Investment Act and allows for Jamaican conglomerate that held 69 547 241 shares, to acquire up to 74 230 750 shares in GHL, representing 61.99 per cent of the total issued and outstanding shares in the company.

“As we stated at the beginning of this journey, we believe that this transaction is a game-changer in the history of the region,” said NCBFG chairman, Michael Lee-Chin.

“Amidst the context of the de-risking impacting the region, we are proud and excited about the implications and prospects of two leading indigenous Caribbean institutions coming together to drive economic growth, customer and share-holder value,” he added.

GHL chief executive officer, Ravi Tewari, said that since the acquisition of the first block of shares in 2016, the Guard Group had started seeing opportunities for a very “positive impact for the shareholders, clients and employees of the Guardian group”.

“This further deepening of the relationship between two leading Caribbean countries augurs well for the acceleration of these positive impacts for Guardian and the region,” he added.

Meanwhile, NCBFG, Patrick Hylton, has been appointed chairman of GHL, replacing Trinidadian, Arthur Lok Jack, who has served as chairman over the past 15 years.

Hylton noted that as stand-alone regional leaders, NCB and GHL combined, have the opportunity to become a world-class financial service conglomerate, which ultimately has positive implications for shareholders, our region and its citizens. (CMC)

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

POLL

Do you think the police have control over the crime situation in the country?

Yes
No

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

INSTAGRAM