NCB financial shifts Cayman banking unit to Bermuda subsidiary
Published:Wednesday | February 4, 2026 | 12:13 AM
NCB Financial Group Ltd. said it will transfer its Cayman Islands banking operations to Clarien Bank Ltd., its majority-owned Bermuda subsidiary, as the Jamaican financial conglomerate streamlines its regional structure.
The internal reorganisation will see NCB (Cayman) Ltd. and a portfolio of wealth management clients move under the Clarien brand, pending regulatory approvals, the Kingston-based holding company said Sunday. The transaction won’t materially affect NCB Financial’s capital, liquidity or ownership structure, according to the statement.
“This transaction represents a deliberate strategic internal realignment designed to strengthen focus and operational coherence across our regional businesses,” said Robert Almeida, group chief executive of NCB Financial Group.
The move consolidates “complementary capabilities within a single platform,” he said.
In Cayman, NCB operates private banking, wealth management, investment banking, and trust services. The capital at NCB (Cayman) in 2024 dropped to US$35.5 million from US$64.2 million in 2023, based on latest regulatory data. It was mainly due to a dip in its assets to US$165 million from US$252.4 million. The 2025 capital was not available.
The transfer marks a reversal for NCB Financial, which last year abandoned plans to sell the Cayman unit to U.K.-based Berkeley Financial Holdings Ltd. That transaction, announced in February 2024, was terminated in January 2025 after failing to reach completion within the agreed timeframe.
Clarien Bank, Bermuda’s third-largest lender by assets, reported BMD$1.39 billion (US$1.39 billion) in consolidated assets for its fiscal year ended September 30, 2024, according to financial statements on the bank’s website. Net profit rose 26 per cent to BMD$14.15 million, driven by higher fee and commission income. Equity climbed 31 per cent to BMD$141.65 million.
NCB Financial owns 50.1 per cent of Clarien Group Ltd., Clarien Bank’s parent company. Funds managed by Portland Private Equity hold 17.92 per cent, with Edmund Gibbons Ltd. retaining 31.98 per cent. Both NCB Financial and Portland Private Equity are part of entrepreneur Michael Lee-Chin’s Portland Holdings.
In June 2024, Clarien’s shareholders agreed to sell a controlling stake to Cornerstone Financial Holdings Ltd., pending regulatory approval. That transaction would dilute NCB Financial’s ownership in the Bermuda operations.
Ian Truran, Clarien Bank’s chief executive, said the acquisition “marks an exciting new chapter for Clarien and supports our strategy to expand thoughtfully within high-quality offshore markets.” Existing relationship teams will continue serving clients, and no operational disruptions are anticipated, he said.
The consolidated entity will operate under the Clarien brand and platform. NCB (Cayman) was established in 1992 to provide offshore banking and trust services to high-net-worth individuals and corporate clients.
NCB Financial Group, Jamaica’s largest banking group with roots dating to 1837, operates commercial banking, wealth management, insurance and regional banking subsidiaries across the Caribbean. The company also owns NCB Capital Markets (Cayman) Ltd., an investment banking and wealth management unit that isn’t part of the current transaction.