Guardian Holdings says its board has approved a strategic initiative to acquire 100 per cent of the issued and outstanding common equity of NCB Merchant Bank.
The company says upon completion of the transaction, it will establish a centre for excellence for its merchant banking operations in Trinidad and Tobago.
Guardian Holdings says the move is aimed at centralising expertise and streamlining its regional operations across the Caribbean.
However, the company notes that the transaction remains subject to the receipt of all required regulator approvals before it can be finalised.
Lower profits
Meanwhile, Guardian Holdings is reporting lower profits in the first financial period.
The group posted net profit attributable to shareholders of TT$100.4 million or about J$2.3 billion.
This was down from TT$121.4 million recorded in the corresponding period last year.
Guardian says the performance was supported by insurance services, income of $265.1 million and investment income of $179.5 million.
After taxes, $42 million, the group disclosed the period with the reduced profit outturn.
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