National Commercial Bank, NCB, says it has sold its subsidiary in the Cayman Islands as part of a strategic push to free-up capital to improve its earnings.
NCB Cayman Limited will be operated by Berkeley Financial Holdings.
Based in the United Kingdom,Berkeley Financial Holdings Limited is a financial services group,which according to NCB is known for its innovative approach in providing comprehensive banking and investment solutions to its global clientele.
The bank however was careful to point out that NCB is not leaving the Cayman Islands and will maintain a presence in the territory through NCB Capital Markets Cayman Limited, an investment banking, wealth and asset management subsidiary.
NCB Financial Group’s Interim CEO, Robert Almeida, told Nationwide News that the transaction will have an overall positive impact on customer experience.
Robert Almeida, Interim CEO of NCB Financial Group.