NCB Financial Group says it is moving ahead with an internal restructuring that will see its subsidiary Clarien Bank acquire NCB Cayman.
The transaction, which is subject to regulatory approval, is part of the Group's plan to simplify its operating structure by bringing related banking and wealth management activities under a single umbrella.
As part of the deal, a defined portfolio of wealth and investment management clients currently served through the Group's Cayman operations will transition to Clarien.
Once completed, NCB Cayman will be rebranded under the Clarien name.
Group CEO Robert Almeida says the transaction is not expected to materially affect the Group's capital, liquidity, or ownership structure.
Clarien CEO Ian Truran says the integration supports the bank's expansion strategy in offshore markets and will allow for a seamless transition.
NCB says clients will continue to be served by their existing relationship teams, with no disruption to daily operations expected.
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