NCB expects active partnership in GHL – Hylton

National Commercial bank (NCB) Jamaica Limited indicates that it will be using independents to represent its interests on the board of Guardian Holdings Limited (GHL), following the completion of the transaction in which it seeks to acquire controlling interest in the regional insurance giant.

The company has, however, indicated that it is not likely to be a silent partner.

On November 30, the two companies disclosed that an agreement was reached for the sale of 29.9 per cent of shares to NCB. The transaction is, at this point, subject to the final approvals of regulators both in Jamaica and Trinidad and Tobago.

Group managing director at NCB Patrick Hylton commented, in response to questions asked by the Jamaica Observer, that he expects a “lively” relationship in the future, following approvals. “Subject to regulatory approval, NCB will be a major shareholder of GHL, and as such, we expect to represent its interests in GHL. Both organisations occupy different spaces in the financial services sectors of Jamaica and Trinidad, that of banking and insurance, respectively. This creates tremendous opportunity for the two entities to cooperate closely for mutual benefit. We expect quite an active and lively relationship between NCB and GHL to the benefit of all our stakeholders,” he said.

http://www.jamaicaobserver.com/business/NCB-expects-active-partnership-in-GHL—Hylton_45275