Some $13.8 billion worth of NCB Financial Group shares traded on Monday, coinciding with top executives surrendering shares at the banking conglomerate.
It was the largest traded volume of NCBFG shares in over two years on the Jamaican stock market. NCB Financial advised that it emanated from an approved change to the compensation arrangements with President and CEO Patrick Hylton and Chief Financial Officer and Deputy CEO Dennis Cohen.
“Each of them agreed to surrender NCBFG shares held pursuant to the preceding compensation arrangement,” NCB Financial said in a market filing posted on Tuesday, while noting that the move resulted in a significant reduction in the shareholding in NCBFG for each executive, both of whom are directors on the banking conglomerate’s board.
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