All rights reserved. I wrote this article to show that the answer is not quite as simple. NIBJ sold a further 6,000,000 ordinary shares of $1.00 each to the Trustees of the Employee Share Scheme. NCB Financial Group Limited (“NCBFG”) was incorporated in April 2016 to be licensed under the Banking Services Act as the financial holding company for National Commercial Bank Jamaica Limited (“NCBJ”). I hesitate to publish the list here since Directors themselves tent to trade in the shares, changing the amounts they own by buying and selling shares from time to time. NCB Group Shareholders approved a Scheme of Arrangement put forward by the NCB Group Board, and as a result, received one ordinary share in the Bank in exchange for each ordinary share held in NCB Group Limited. Foundation. “One told me that if he owned shares in a bank that bought the Government's shares in NCB, he would immediately sell his shares in that bank because he would view that bank… According to the company’s quarterly report for the six months ended March 31, 2019, there are some 40, 253 shareholders holding a combined total of 28.42% of the company. The National Commercial Bank Jamaica Limited has roots dating back to 1837, when it began operations under the name of the Colonial Bank of London (England). © Copyright 1999-2021 NCB Jamaica. Copyright © 2021 Caribbean Value Investor. Chairman of National Commercial Bank Jamaica, Michael Lee-Chin speaks at the annual general meeting on Friday, January 27, 2017, at Jamaica Conference Centre in Kingston. N.C.B. Readers are encouraged to speak with their Licensed Financial Advisors when making investment decisions. Online Account Opening FAQs (Regular Savings), Business Deposit Processing (Dropbox/Smart Safe), Complaint Management - Standard Operating Guideline, Colonial Bank along with two other banks were acquired by Barclays Bank of London, Barclays Bank of Jamaica Ltd. takes over Jamaican operation, Name changes to National Commercial Bank Jamaica, Deposits $1.0 billion with assets exceeding $1.3 billion, Owned by National Investment Bank of Jamaica (NIBJ). Top Exporters’ Support Services in the Financial Services Category 5th consecutive year. Though the question seems to be a simple one. J$100 NCB START (up to 17 years of age) J$2,000 NCB Regular Save; J$5,000 NCB Gold Club (age 55 and over) J$5,000 NCB Chequing Account; J$10,000 NCB Sunshine Savers; 100 units of foreign currency (US, Can, Pound, Euro) Explore Scotiabank Jamaica products and services which include credit cards, loans, mortgages, banking for small and corporate business. AIC Limited acquired approximately 75% of the shareholding in the Bank from FINSAC. First time visiting Caribbean Value Investor? Search for the latest Ncb Jamaica repossessed houses here and contact agents for viewing or more information. The group is owned primarily by AIC (Barbados) Limited. Private Sector/Jamaica Customer Service Association - Service Excellence Award (Inaugural), Jamaica Stock Exchange (JSE): Corporate Governance Award, Project Management Institute of Jamaica – Project Organization of the Year, World Finance Award - Best Pension Fund Managers of the Year for the Caribbean, World Finance Awards – Best Banking Group Jamaica, Global Banking and Finance Award – Best Jamaica 2011, Latin Finance - Best Bank of the Year (Third consecutive year), Global Banking & Finance Review – Best Pension Fund Manager. The banking practices that were prevalent in the country then, began to change over the years, following which a series of mergers and acquisitions took place. Jamaica Exporters’ Association (JEA): Best Financial Services Support Award category 8th consecutive year 2006-2014. Jamaica Exporters’ Association (JEA): Michael Lee-Chin who holds 2.41 million shares directly and 1,536,714,104 shares through connected parties. International Global Banking and Finance – Best Commercial Bank 2013 – Jamaica, Jamaica Stock Exchange – Corporate Governance (4th consecutive year; joint winner for 2013) Best Annual Report (3rd consecutive year) and Governor General’s Best Practices Award, World Finance Magazine - Best Investment Management Company Caribbean – NCB Capital Markets Limited, Latin Finance - Bank of the Year Jamaica 2014, Capital Finance International - Best SME Bank Caribbean 2014, Global Banking and Finance Review - Best Banking Group Jamaica, Project Management Institute of Jamaica – Project Management Organisation of the Year (roll out of Bank on the Go). NCB is the largest and most profitable financial services group in … The roots of National Commercial Bank Jamaica Limited (NCB) extend over some 170 years to 1837 when the Colonial Bank of London, England opened its doors on Harbour Street in the flourishing city of Kingston Jamaica. Dennis Cohen, Director. Based on the re-organisation, NCB Jamaica Limited is owned by NCB Financial Group (NCBFG). However, Institutions and Investment Funds account for a significant percentage of the ownership. The Company made a take-over bid to acquire all of the issued capital of Mutual Security Bank Limited (previously a subsidiary of Mutual Life), by way of an exchange of shares at the rate of 4 NCB Group stock units for every 3 MSB stock units held and on the basis that odd shares be acquired for cash at the rate of $12.00 per share. Disclaimer: The Author is a shareholder of NCB Financial Group. The company therefore has a significant number of shareholders from the general public. Jamaica Stock Exchange Best Practices Awards: Winner - Member Dealers Revenue Generation (NCBCM), Corporate Governance and GG's Award (joint with Sagicor).1st runners up for Annual Report (joint), Corporate Disclosure and website. Bypass the lines and hours of waiting. NCB is looking for a suitable person to fill the position of "Contac... t Centre Transformation Lead" for its Digital Channels Division. The Company made a bonus issue of 3 ordinary shares of $1.00 each for every 1 ordinary stock unit of $1.00 previously in issue. Colonial Bank along with two other banks were acquired by Barclays Bank of London. KINGSTON, Jamaica — National Commercial Bank (NCB) says it has introduced a new programme that will make it easier for unbanked and underbanked individuals to open accounts. Complete your routine banking transactions from anywhere in the world, any time you please with the bank that’s in your hands! Is there a company who’s ownership you’d like us to cover? NCB Group subsequently acquired all the issued share capital of NCB and its subsidiaries. Let me know using the form below. Right issue of 10 million ordinary shares to stockholders on record. National Commercial Bank Jamaica Limited is a strong and secure organization committed to serving its customers' financial needs. National Commercial Bank Jamaica Limited. The National Commercial Bank of Jamaica (NCB) was one of the first indigenous Banks to be formed in Jamaica in the 1970s. Banking conglomerate NCB Financial Group wants to expand its digital offerings fivefold within its Payment Services segment in three years. The NCB Financial Group was made the holding company and is now listed on the exchanges in place of NCB. In keeping with its promise to make banking more simple , convenient and available anywhere, anytime, the National Commercial Bank (NCB) brought a full service bank to the 46th Expo Jamaica, recently where the nation’s bank, and event’s premier financial institution was on display along with more than 450 local businesses. NCB Financial Group has a total of 2, 466,762,828 shares as at the date of this publication. NCB (CAYMAN) LIMITED Phase II Cricket Square 171 Elgin Avenue PO Box 31120 Grand Cayman KY1-1205 Cayman Islands, W.I. Mr. Patrick Hylton, President & Group Chief Executive Officer and Hon. Click below, Caribbean Value Investor – Articles and Analysis, Tropical Battery Limited IPO Overview and Analysis, How Shareholders Benefit From Stock Buybacks, 5 Stocks up more than 100 percent – September 2018, AIC Barbados Limited which own 53.02% of the outstanding shares, NCB Insurance Company Limited WT 109 (2.55%), Ideal Portfolio Services Company Limited (1.38%). Candidates must possess experience in Customer Service Delivery and will act as a liaison between the NCB team, and our Call Centre Partners, to drive delivery of operational enhancements required to optimize service. Check out the latest information on our COVID-19 relief measures, banking hours, digital banking options and answers to commonly asked questions. The new organization was incorporated as Barclays Bank (Dominion Colonial and Overseas). That’s the point of this short article. In keeping with its promise to make banking more simple , convenient and available anywhere, anytime, the National Commercial Bank (NCB) brought a full service bank to the 46th Expo Jamaica, recently where the nation’s bank, and event’s premier financial institution was on display along with more than 450 local businesses. Your information will *never* be shared or sold to a 3rd party. Connect with us on Social Media using the links below or contact us using our Contact Form. The banking practices that were prevalent in the country then, began to change over the years, following which a series of mergers and acquisitions took place. National Commercial Bank (NCB) Jamaica Limited has been named in Global Finance's list of the World's Safest Banks in 112 countries. Michael Lee-Chin is also the chairman and Chief Executive Officer of AIC Ltd. Products and Services The issue was made through the capitalization of $180 million from the capital reserve. KINGSTON, Jamaica — National Commercial Bank (NCB) has announced that Septimus 'Bob' Blake will take the lead as the new Chief Executive Officer (CEO) starting August 1. National Commercial Bank may refer to: . As mentioned earlier, the parent company of NCB Jamaica is NCBFG. Based on some of the conversations I’ve seen, some investors don’t know who owns the bank. NCB-SME product launched - a suite of financial services and solutions for small and medium enterprises - SME Unit established, NCB partners with the Jamaica Manufacturers' Association in their "Buy Jamaican, Build Jamaica" campaign, NCB Wellness and Recreation Center was officially opened. National Commercial Bank Jamaica Limited is the new parent Company of the reorganised NCB Banking Group, the other companies being, NCB (Investments) Ltd., Omni Insurance Services Ltd., Edward Gayle and Co. Ltd., West Indies Trust Co. Ltd., Data Cap Processing Ltd., NCB Jamaica (Nominees) Ltd., and NCB Cayman Ltd., all of which are financial service entities. Barclays Bank DCO transfers its Jamaican operation to a wholly owned subsidiary, Barclays Bank of Jamaica Ltd. Government of Jamaica acquires all of Barclays Bank of Jamaica's shares and changes the bank's name to National Commercial Bank Jamaica Ltd. First Jamaica credit card Keycard is launched, First Jamaican Bank to have deposits in excess of $1.0 billion with assets exceeding $1.3 billion. Bank of Jamaica; Headquarters: Kingston, Jamaica: Established: May 1, 1961: Ownership: 100% state ownership: Governor: Richard Byles (effective August 19, 2019) Central bank of: Jamaica: Currency: Jamaican dollar JMD Reserves: 2 660 million USD: Website: www.boj.org.jm The company used to be publicly listed on the Main Market of the Jamaica Stock Exchange as well on the Trinidad and Tobago Stock Exchange. The NCB Mobile App makes it easy to: NCB Group Shareholders approved a Scheme of Arrangement put forward by the NCB Group Board, AIC Limited acquired approximately 75% of the shareholding in the Bank from FINSAC, NCB Wellness and Recreation Center was officially opened, The Jamaica Exporters' Association recognized NCB as the top financial institution for 2006, NCB receives the Manchester Chamber of Commerce 2007 award for Banking and Finance, Wins Latin Finance: Best Bank Of The Year, NCB Wins Global Banking and Finance Award, NCB Wins Banker 'Best Bank Of The Year' Award for a 5th Consecutive Year, NCB Wins International Global Banking And Finance award. NCB Clarien stake in Bermuda worth US$54m. Bank of New York Mellon award - NCB Treasury &Correspondent Banking Division in recognition of achieving a 95.28% straight through processing rate for payments processed. From one branch at Harbour Street in Kingston, the bank grew to eleven branches across the island by 1925. Search for the latest Ncb Jamaica repossessed houses here and contact agents for viewing or more information. Instead, it is owned by a group of people who fall into different categories. The remainders of the MSB shares were subsequently acquired in accordance with section 195 (1) of the Companies Act. Right issue of 10 million ordinary shares to stockholders on record as at July 5, 1993. In response to the take-over bid, acceptances were received from MSB stockholders, holding 95.6% of its shares. NCB Financial Group, a Caribbean banking group headquartered in Jamaica; National Commercial Bank (China), a defunct commercial bank that was based in Hong Kong National Commercial Bank Mauritius, a state-owned commercial bank in Mauritius; National Commercial Bank (Saudi Arabia) NCB Financial Group Limited (“NCBFG”) was incorporated in April 2016 to be licensed under the Banking Services Act as the financial holding company for National Commercial Bank Jamaica Limited (“NCBJ”). Michael Lee-Chin, OJ, OOnt (born 3 January 1951), is a Jamaican-Canadian billionaire businessman, and philanthropist and the chairman and CEO of Portland Holdings Inc, a privately held investment company in Ontario, Canada.. Lee-Chin was appointed to the Order of Ontario in 2017. Foundation. However, it was re-organised in January 2017. NIBJ offered for sale 30,600,000 ordinary shares of $1.00 each in NCB Group, of which 26,683,560 were offered to the public at $2.95 per share and the remainder was made available to the Trustees of the Employee Share Scheme. NIBJ sold a further 6,000,000 ordinary shares of $1.00 each to the Trustees . In 2016, Lee-Chin was appointed chairman of the government of Jamaica's Economic Growth Council (EGC) By virtue of this rights issue, the number of issued shares in the Company increased to 490,000,000 ordinary stock units of 50 cents each. Prior to her employment at NCB, she worked as an Economist at the Bank of Jamaica. For more details, call us toll free at 1-888-NCB-FIRST (1-888-622-3477) or message us at ncbinfo@jncb.com Install. Want to learn more about the Stock Market and Investing? The NCB Financial Group Ltd. (‘NCBFG’) also owns: N.C.B. A Chartered Accountant by profession, Dennis Cohen has served in the local banking industry for almost 13 years. Steven Gooden is the chief executive officer of NCB … The ultimate parent company is Portland Holdings Inc which is incorporated in Canada. The full list of directors and their shareholdings is published in each of the company’s quarterly filings which can be found here. J$100 NCB START (up to 17 years of age) J$2,000 NCB Regular Save; J$5,000 NCB Gold Club (age 55 and over) J$5,000 NCB Chequing Account; J$10,000 NCB Sunshine Savers 4,043. The MSB Foundation and NCB Project Lifeline merged and renamed to form the N.C.B. Add to Wishlist. Ncb Jamaica repossessed houses can be found in popular locations such as Kingston & St Catherine, Portmore, other parts of St Catherine, Clarendon, Manchester, St Elizabeth, Westmoreland, St James, St Ann, St Mary and others. business@gleanerjm.com Tel: (876) 929-9050 Toll Free: 888-NCB-FIRST (888-622-3477) Website: www.jncb.com. Over the years as the face of banking of Jamaica began to change, and through a series of mergers and acquisitions, the bank eventually emerged in August 1977 as National Commercial Bank Jamaica Limited. Want to be a Featured Advisor? It was at this time the Colonial Bank of London headquartered in England, made its presence felt in Kingston. In total, 210,602,656 NCB Group shares were issued to acquire the stock units of MSB. NCB Jamaica Limited is one of the largest and the oldest banks in Jamaica. Enter your name and email and get the our articles directly in your inbox... it's FREE! Michael Lee-Chin, O,J. See also: Top 10 Companies Listed on the Trinidad and Tobago Stock Exchange. It adopted its current name in 1997, following a series of mergers and acquisitions. The Challenge. Mr. Lee-Chin is the Chairman of NCBFG and the largest individual shareholder. The Top 10 largest shareholders are: It should be noted that the Directors of the company each hold a significant number of shares. NCB Financial says that it will book a gain of nearly $3 billion on the sale of the JMMB shares to Proven. In its newly released third-quarter results, the bank said the 29.99 per cent GHL stake is held by nominee NCB Financial Group Limited (NCB-FGL) but then disclosed that it did not own the company. National Investment Bank of Jamaica (NIBJ), a Government owned company, acquired the entire issued share capital of NCB Group. National Commercial Bank Jamaica Limited is the new parent Company of the reorganised NCB Banking Group, the other companies being, NCB (Investments) Ltd., Omni Insurance Services Ltd., Edward Gayle and Co. Ltd., West Indies Trust Co. Ltd., Data Cap Processing Ltd., NCB Jamaica (Nominees) Ltd., and NCB Cayman Ltd., all of which are financial service entities. Restrictions barring any person or connected group of persons from having an interest in more than 7 1/2% of the issued capital of NCB Group, were removed by an Act of Parliament, The N.C.B. Group Limited (a holding company) was incorporated in order to reorganize the structure of NCB and its subsidiaries. The ultimate parent company is Portland Holdings Inc which is incorporated in Canada. NCB launched Jamaica's first 'Drive Thru' Automated Banking Machine (ABM). Prior to joining NCB, he served in a number of positions at Citibank N.A. Each stock unit in issue after this bonus issue was subsequently divided into 2 stock units of 50 cents each. The transaction marks NCB's full exit from the JMMB investment, the banking group having previously divested 100 million shares, or 6.1 per cent, of the holdings to PanJam Investment Limited in September. NIBJ sold the remaining 23,395,420 shares of $1.00 each in the Company (39%) to Jamaica M&N Investments Limited. It was at this time the Colonial Bank of London headquartered in England, made its presence felt in Kingston. Approximately two-thirds of the shares comprised in the rights issue was taken up by the underwriters. National Commercial Bank Jamaica Limited (NCB) used up billions of its cash flow on the acquisition of a stake in Guardian Holding Limited (GHL) but now says it does not legally own the shares. National Commercial Bank Jamaica Limited Finance. business@gleanerjm.com All Rights Reserved. The top banks in Jamaica are: National Commercial Bank. Learn how your comment data is processed. There is no ONE clear cut owner of the organisation. NCB Financial says that it will book a gain of nearly $3 billion on the sale of the JMMB shares to Proven. The transaction marks NCB's full exit from the JMMB investment, the banking group having previously divested 100 million shares, or 6.1 per cent, of the holdings to PanJam Investment Limited in September. I also mentioned that NCBFG is publicly traded on both the JSE and the TTSE. World Finance – Best Investment Management Company in the Caribbean – Awarded to NCB Capital Markets Limited. The facility was formerly known as the NCB Employees' Sports Club, but was renamed to encapsulate the additional benefits, The Jamaica Exporters' Association recognized NCB as the top financial institution for 2006 under the Exporter's Support Services, Financial category, NCB is awarded LatinFinance's 2007 Best Bank of the Year. Group was listed on the Jamaica Stock Exchange. The information shared in this article is presented only for educational purposed and is not intended to be taken as Financial Advice or a recommendation for the purchase of any securities. The roots of National Commercial Bank Jamaica Limited (NCB) extend over some 170 years to 1837 when the Colonial Bank of London, England opened its doors on Harbour Street in the flourishing city of Kingston Jamaica. NCB Payroll Plus - a new consumer loan scheme is launched, e-FINANCIAL SERVICES launched: a state-of-the-art customer call Center; Internet banking, Short Messaging Services (SMS) and telephone banking by dialing 1-888-NCB-FIRST. The NCB Financial Group was made the holding company and is now listed on the exchanges in place of NCB. Michael Lee-Chin, Chairman of NCB Jamaica Limited Retail banking, which involves a range of products and services being provided to individuals and SME business clients, is among NCB’s most consistently successful business segments. For more information on NCBCM's Wealth Hub you can contact NCB Capital Markets by calling 876-960-7108 or via email at n@.c. Jamaica Employers' Federation Private Sector Corporate Social Responsibility Award, Global Finance Jamaica Best Foreign Exchange Provider, NCB introduces first on-line loan application for credit card and loan applications, NCB Staff Training Center registered as tertiary level institution by the University Council of Jamaica; renamed Corporate Learning Campus (CLC), Introduced Utility Bill Payment option at ABMs (JPSCo and NWC). Winner of the Jamaica Stock Exchange Best Practices Award for Corporate Disclosure and Investor Relations. The roots of National Commercial Bank Jamaica Limited (NCB) extend over some 170 years to 1837 when the Colonial Bank of London, England opened its doors on Harbour Street in the flourishing city of Kingston Jamaica. 04/05/2018 00:00:00 | . NCB merges with Mutual Security Bank Jamaica Limited, thus becoming a dominant force in the financial sector. The Bank's shares became tradable on the Jamaica Stock Exchange, replacing the old NCB Group Limited shares. Based on the re-organisation, NCB Jamaica Limited is owned by NCB Financial Group (NCBFG). Subscribe to our Mailing List. “By 2024, this segment aims to shift its end-to-end digital capabilities from 15 per cent to at least 80 per cent,” NCB Financial said in its annual report released on Thursday. Jamaica including serving as Country Treasurer for the local branch and its affiliates. National Commercial Bank – Jamaica’s Largest Bank National Commercial Bank (NCB) has its origin dating back to 1837. Appliance Traders Limited (ATL) Automotive – Bank of the Year 2014, Jamaica Stock Exchange (JSE) market share position report for 2013 - ranked NCB Capital Markets Limited (NCBCM) number one among brokers for the Regular Market competitors for value and volume of transactions completed during 2013. NCB Financial Group, which is listed on the Jamaica and Trinidad and Tobago stock exchanges, is a super-rich financial entity with tentacles across the Caribbean region, including majority ownership of insurance giant Guardian Holdings. Launch of the NCB SME Nation Builder Awards highlighting entrepreneurial excellence and strong community involvement by local businesses. Therefore, the answer to the question is “NCB Jamaica is owned by the NCB Financial Group which is owned by a group of funds, institutions, directors and public shareholders.”. Group Managing Director Patrick Hylton is at right. 04/05/2018 00:00:00 | . An operations manager of the National Commercial Bank (NCB) has been arrested and charged with larceny as a servant after investigations by the Counter-Terrorism and Organised Crime (C-TOC) Branch yesterday uncovered fraud involving $35 million. Jamaica Exporters’ Association (JEA): Top Exporters’ Support Services in the Financial Services Category 6th consecutive year. Group Limited (Alteration of Memorandum and Articles of Association) Act, 1991. 32 Trafalgar Road, Kingston 10 Jamaica W.I. Jncb.com: visit the most interesting J NCB pages, well-liked by female users from Jamaica, or check the rest of jncb.com data below.Jncb.com is a relatively well-visited web project, safe and generally suitable for all ages. Welcome to National Commercial Bank's Online Banking Sign-Up or Enroll for our offerings here. The issue was fully underwritten by the West Indies Trust Company in its capacity as Trustee of the NCB Employees Pension Fund. The largest being the Chairman, Hon. With this acquisition, Jamaican-born Canadian businessman Michael Lee Chin became NCB's Chairman. National Commercial Bank is the biggest financial group in Jamaica. The bank traces its roots back to 1837 when the Colonial Bank of London opened in the capital city of Kingston. Everyone. As Jamaica's leading 'national bank', NCB dominated the commercial banking sector but lost significant market position in the 90's against the backdrop of a financial services crisis that hit the country for a number of years. Portland Holdings Inc is controlled by Billionaire Investor, Hon. NCB is the largest and most profitable financial services group in Jamaica … NCB Global Finance Ltd. is effectively a 100% owned subsidiary of NCB Financial Group Ltd. and which represents the group’s banking interest in Trinidad & Tobago and the Southern and Dutch Caribbean. NIBJ sold the remaining 23,395,420 shares of $1.00 each in the Company (39%) to Jamaica M&N Investments Limited, a company then owned jointly by Jamaica Mutual Life Assurance Society and Jamaica National Building Society which was a wholly owned subsidiary of Mutual Life. NCBFG is 52 per cent owned by Lee Chin’s AIC Barbados Limited. Michael Lee-Chin a Jamaican Canadian currently owns 90% of NCB and the other 10% owned by staff. Later became Barclays Bank DCO. We found that English is the preferred language on J NCB pages. Jamaica Exporters’ Association (JEA): Best Financial Services Support Award category 7th consecutive year. Human Resource Management Association of Jamaica’s (HRMAJ) – Golden Leader Award for Innovation for a third consecutive year. Individually, these individuals hold less than 1% of the company’s shares each. NCB (Cayman) Limited is a wholly-owned subsidiary of National Commercial Bank Jamaica Limited, Jamaica’s largest commercial banking group. Relocation of NCB Mandeville Branch to new facilities at 6 Perth Road, The Banker Awards: Bank of the Year, Jamaica, World Finance: Most Innovative Bank, Jamaica, World Finance: Best Banking Group, Jamaica, World Finance: Best Pension Fund Manager in the Region- NCB Insurance, HRMAJ Golden Leader in HR: Innovation Award, Jamaica Stock Exchange: Best Annual Report, Jamaica Stock Exchange: Corporate Disclosure, Jamaica Stock Exchange: Investor Relations, Jamaica Stock Exchange: Website Stockbrokerage, Jamaica Stock Exchange: Governor General’s Award for Excellence, Private Sector of Jamaica/Jamaica Stock Exchange Award for Corporate Governance, Project Management Institute of Jamaica: Project Organization of the Year, Jamaica Exporters’ Association (JEAs): Winner Exporters’ Support Services Financial Category (a recognition we have proudly received for the past four years), Jamaica Red Cross: Invaluable contribution to facilitate the improvement of lives in Jamaica, United Way of Jamaica: Largest Corporate Contributor. 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