Lee-Chin gives more insight into reasons for NCB leadership changes

 

Chairman of the NCB Financial Group, Michael Lee-Chin, has given some more insight into the reasons behind the recent leadership changes at the company.

 

In a briefing with media Thursday morning, Mr. Lee-Chin said the decision had to be made based on shareholder sentiment and key areas deemed prime for improvement. 

 

Among those areas, he highlighted a lack of efficiency as it relates to cost to income ratio, governance, as well as a less than desirable customer experience. 

 

"We can do a much better job at not only defining what governance means, but actually living it. And as you heard from the investor forum, I see governance as starting with the individual and it becomes part of the culture. And...I wasn't happy with the customer experience. Every time I get too many complaints. So for those reasons, we had to make a change," he explained. 

 

The company has prioritised efficiency, governance and customer experience as areas it will address.

 

Interim Group CEO Robert Almeida said some areas of cost saving have already been identified which could save the company $6 billion to $8 billion annually. 

 

He said cost savings have so far been identified in three areas - Executive Compensation, Consultancy and Digital Innovation.

 

In July, NCB Financial Group announced the appointment of Mr. Almeida as interim Group CEO and Malcolm Sadler as interim Group Chief Financial Officer.

 

This followed the removal of Patrick Hylton as CEO and Dennis Cohen as Group Chief Financial Officer and Deputy CEO. 

 

Mr. Lee-Chin, who cut his three-month leave of absence short, is also carrying out some executive responsibilities.