National Commercial Bank Jamaica Ltd. shareholders voted in favor of approving a company reorganization to create a holding company for the bank and its stake in insurance company Guardian Holdings Ltd.
Under the plan, NCB Financial Group, which was formed as part of the Guardian Holdings acquisition, will become the new holding company. Existing shares of National Commercial Bank Jamaica will be canceled and exchanged for new shares in NCB Financial Group.
The reorganization is still subject to court approval; Jamaica's Supreme Court of Judicature is set to consider the matter Feb. 22, the company said in Jan. 30 news release.
National Commercial Bank Jamaica acquired a 29.99% stake in Guardian Holdings in May 2016, representing 69,547,241 ordinary shares.