NCB Financial Group Ltd.

06/14/2024 | Press release | Distributed by Public on 06/14/2024 07:44

Revised: NCB Financial Group Limited (NCBFG) Announces Proposed Sale Of Its Controlling Interest In Clarien Group Limited

NCB Financial Group Limited (NCBFG) announces that it has entered into a Share Purchase Agreement (SPA) with Cornerstone Financial Holdings Limited (Cornerstone), a privately held company organised in Barbados, for the sale of 30.20% of the equity of Clarien Group Limited (Clarien Group).

This proposed transaction is in keeping with NCBFG's ongoing strategy to reallocate capital. Clarien Group is domiciled in Bermuda and its subsidiary, Clarien Bank Limited, operates under a banking licence in Bermuda.

The completion of this transaction is subject to conditions, including the requisite regulatory approvals. Following the proposed sale, NCBFG will maintain a 19.90% interest in Clarien Group and will provide transition support to Cornerstone, through its subsidiaries.

Further details will be provided in relation to this transaction. However, NCBFG's reduced ownership interest in the Clarien Group will not have a material impact on the future earnings or the asset base of NCBFG after the completion of the sale.