|
|
NATIONAL
COMMERCIAL BANK -
On 16 September 1985, a holding company, N.C.B. Group
Limited, was incorporated in Kingston Jamaica in order to
reorganize the structure of NCB and its subsidiaries. NCB
Group subsequently acquired all the issued share capital of
NCB and its subsidiaries. On June 30, 1986, National
Investment Bank of Kingston Jamaica (NIBJ), a Government owned
company, acquired the entire issued share capital of NCB
Group.
In 1996, NCB Kingston Jamaica merged with Mutual Security
Bank Jamaica Limited, thus becoming a dominant force in the
financial sector. On 8th November 2000 NCB Kingston Jamaica
Group Shareholders approved a Scheme of Arrangement put
forward by the NCB Kingston Jamaica Group Board, and as a
result, received one ordinary share in the Bank in exchange
for each ordinary share held in NCB Kingston Jamaica Group
Limited. On 4th December 2000, the Bank shares became tradable
on the Jamaica Stock Exchange, replacing the old NCB Kingston
Jamaica Group Limited shares. National Commercial Bank Jamaica
Limited is the new parent Company of the reorganised NCB
Kingston Jamaica Banking Group, the other companies being, NCB
Kingston Jamaica (Investments) Ltd., Omni Insurance Services
Ltd., Edward Gayle and Co. Ltd., West Indies Trust Co. Ltd.,
Data Cap Processing Ltd., NCB Kingston Jamaica Jamaica
(Nominees) Ltd., and NCB Kingston Jamaica Cayman Ltd., all of
which are financial service entities. A new era began for NCB
Kingston Jamaica on March 19, 2002, when AIC Limited, Canada's
largest privately held mutual fund Company, acquired just over
75% of the shareholding in the bank from FINSAC. With this
acquisition, NCB Kingston Jamaica's ownership structure became
clearly defined.
AIC Limited is the 11th largest mutual fund company in
Canada, and in 2001 the company held more than J$445 billion
under management for approximately 1 million Canadians.
Michael Lee-Chin, a Jamaican-Canadian, is Chairman and Chief
Executive Officer of AIC Limited and owns 90 percent of the
company, with the remaining 10 percent being owned by staff.
Mr. Lee-Chin's roots are deeply embedded in Jamaica, as his
family operates the very successful supermarket chain, Super
Plus. NCB Kingston Jamaica is now a strong and secure
organization and its capital base is one of the largest in
Jamaica. The new owners have committed the resources of AIC
Limited towards the success of the organization
Why bother visit the branch? Through NCB Kingston
Jamaica's electronic network, customers can bank with ease and
convenience at any one of our Midas ABM locations, 24 hours
per day, 7 days a week. We've even introduced the first 2
Drive Thru ABM's in the country.
|
