NCB Financial Group company analysis

The NCB Financial Group Limited is a financial services conglomerate which operates primarily in the Caribbean region and has its headquarters in Kingston , Jamaica. National Commercial Bank Jamaica is a subsidiary of NCB Financial Group Limited. NCB is the largest and most profitable financial institution in Jamaica. They are also the majority shareholder of Guardian Holdings Limited which is one of the largest insurance providers in the Caribbean. NCB Financial Group Limited is listed on the Jamaica and Trinidad and Tobago Stock exchange. NCB started out as 1 bank on Harbour Street in Kingston and expanded its operations to 11 branches , at the time.

The roots of NCB (National Commercial Bank) stretch back as far as 1837 when The Colonial Bank of London , England decided to open its doors on Harbour Street in the vibrant and bustling Parish of Kingston. The face of Jamaica’s banking sector started to change over the years . in 1977 The JNCB group was formed after a series of mergers and acquisitions over the years. I the year 1925 Colonial Bank and 2 other banks were acquired by Barclays Bank of London. The Colonial Bank of London had its name changed to National Commercial Bank after being acquired by Barclays Bank.

National Commercial Bank was the issuer of the first Jamaican credit card in 1981. They were also the first Jamaican bank to have deposits in excess of 1 Billion dollars and possessed assets that exceeded 1.3 Billion Dollars in 1883. The NCB group Limited which is a holding company was in cooperated in order to reorganize the structure of NCB and its subsidiaries. The issued share capital of all NCB’s subsidiaries was then acquired by the group after these events. In 1986 NCB’s issued shares was acquired by a government owned company called the “National Investment Bank of Jamaica” . 30,600,000 worth of ordinary shares at $1 each was offered by NIBJ to the public and trustees of the employee share scheme. These shares were for the NCB group. The NCB group was also listed on the Jamaica Stock Exchange.

Subsidiaries of the NCB Financial Group

The NCB Financial Group has expanded its branches and operations during its expansion. It has acquired a variety of businesses in the financial sector making it the richest financial institution in Jamaica. The group has also become a powerhouse in the Caribbean region due to the investments and acquisitions it has made. Some of these subsidiaries are:

• National Commercial Bank Jamaica– NCB is the bank of the NCB Financial group. It is considered to be the wealthiest bank in Jamaica
• NCB Capital Markets-A capital market is a financial market in which long term debt is bought and sold. This is what NCB capital markets does
• NCB Insurance-“NCBIC is the largest segregated pension funds manager in Jamaica with dedicated client relationship officers who are experts in pension regulations and pension administration.”
• Guardian Life-“Guardian Life Ltd. is an Assurance Company established in Jamaica since August 1999. The company is engaged in the underwriting of all classes of long-term insurance business. Guardian Life is managed by a President who is responsible to a Board of Directors for the operation of its business. Guardian’s policies are sold by employed insurance advisers and through brokers. They operate ten branches in Jamaica, and deliver superior service by focusing on customer needs and operational excellence.”
• Guardian General Insurance-Their Insurance Products Offer Maximum Coverage In All Areas Of Your Life. 
• Clarien Bank -Clarien is one of the largest independent, privately owned financial services organisations in Bermuda serving families and corporations in that and other countries. The bank changed its year-end to reflect that of its major shareholder NCBFG, which is based in Jamaica.

Goals and missions of The NCBFG

The National Commercial Bank Financial Group is committed to “Building a Better Jamaica”. They are committed to providing reliable , secure and reasonable financial services to the entirety of Jamaica . Whether it be insurance , loans, banking or debt consolidation they always go the extra mile for their customers. They believe in having a strong Social responsibility. The NCB Financial group states that ” We respects and embrace all charitable causes that are relevant to the betterment of Jamaica and leads in corporate social responsibility through strategic partnerships focused on the development of our nation’s people”. The NCBFG is committed to its customers and their financial and physical wellbeing.

Requirements to starting a bank account with NCB – Jamaican Residents – Jamaican Dollar Regular Save Savings Account Open Online For New New Customers Only

Proof of Valid Identification

You may use any of the following:

• Driver’s Licence (please provide both front and back)
• National ID (Elector Registration Identification Card)

Taxpayer Registration Number (TRN) CardProof of Income/Employment

Employed Persons will need one of the following:

• Letter from employer not more than six months old
• Pay slip not more than six months old
• Proof salary being sent to an account for the last three months

Self-employed Persons will need one of the following:

• Certificate of Registration bearing the applicants name
• Trade License ( where applicable)
• Applicants tax return
• Current valid work identification
• Self-employment Verification form (See document section below)

Unemployed persons:

• Unemployment Verification form (See document section below)

Contact Details for two (2)Referees

Name, telephone contact number(s) and occupation for two (2) referees. You may use any 2 of the following:

• NCB Customer (For at least 3 years or more)
• NCB Manager
• Minister of Religion
• Justice of the Peace
• Employer
• Another Bank’s Manager

Proof of Address

• Utility bill in Applicant’s Name
• Envelope with Name of Applicant and Address

Minimum Opening Deposit

• J$2,000 NCB Regular Save

Documents

Click here for documents.

Requirements to starting a bank account with NCB– Jamaican Residents who Start Online and Complete in Branch

Proof of Valid Identification

You may use any of the following:

• Driver’s Licence
• National ID (Elector Registration Identification Card)
• Passport
• Diplomatic ID (Issued by the Ministry of Foreign Affairs and Foreign Trade)
• Employer ID (Conditions Apply)*
• National Council for Senior Citizens Identification Card

Taxpayer Registration Number (TRN) Card for persons without Driver’s LicenceProof of Income/Employment

Employed Persons will need one of the following:

• Letter from employer not more than six months old
• Pay slip not more than six months old
• Proof salary being sent to an account for the last three months

Self-employed Persons will need one of the following:

• Certificate of Registration bearing the applicants name
• Trade License ( where applicable)
• Applicants tax return
• Current valid work identification
• Self-employment Verification form (See document section below)

Unemployed persons:

• Unemployment Verification form (See document section below)

Contact Details for two (2)Referees

Name, telephone contact number(s) and occupation for two (2) referees. You may use any 2 of the following:

• NCB Customer (For at least 3 years or more)
• NCB Manager
• Minister of Religion
• Justice of the Peace
• Employer
• Another Bank’s Manager

Proof of Address

• Utility bill
• Post marked envelope (no more than 6 months old))

Minimum Opening Deposit

• J$100 NCB S.T.A.R.T (up to 17 years of age)
• J$2,000 NCB Regular Save
• J$5,000 NCB Gold Club (age 55 and over)
• J$5,000 NCB Chequing Account
• J$10,000 NCB Sunshine Savers
• 100 units of foreign currency (US, Can, Pound, Euro)

Documents

Click here for documents.

Infoblog hopes you found this informative and we would like to thank you for reading this Blog. We wish you all the best in your endeavours

Jamaica a land of history and beauty

Jamaica is a land of history and beauty. It is a thriving civilization and a land filled with natural resources. Throughout its rich history Jamaica has survived colonization twice ,eventually gaining its independence on August 6, 1962. Jamaica is a island country located in the West Indies and it possesses a history that stretches as far back as the Tainos and as recent as the British. The Island was discovered by Christopher Columbus on May 14. 1494. The Spanish colonized Jamaica 15 years later. Columbus’s ship was beached by a storm on the 25 of June 1503 in a place which is now known as St. Ann’s Bay. Columbus and his men remained on the island for a year before eventually leaving in 1504. The Jamaican population consists of 2.948 million people and this was last recorded in 2019.

The Rich History between Jamaica and The British

Jamaica is a land of history and beauty and the British are a major part of their history and culture. The English colonized Jamaica in 1655 and it remained a British colony until the year 1962. The British shared many of their cultural beliefs and traditions with Jamaicans. They shared their language , Religion , literacy and more. The Maroons and the British had a history of warfare but that all ended when both parties decided to sign a peace treaty on March 1 , 1739. The peace treaty was signed by Maroon leader Cudjoe who was a fierce Jamaican Maroon known for his cunningness and fighting style. The Maroons were runaway slaves who believed in getting and maintaining freedom at any cost. In 1962 the long struggle with the British ,for freedom ended with Jamaica gaining their independence on August 6.

Jamaica made a large contribution to the war in 1914 sending men , supplies and finances to aid the British in their war efforts. They were also immediately involved in the World war II efforts in 1939 backing Britain when Britain decided to declare war after the Germans had invaded Poland. Jamaica and the British have a strong bilateral relationship through their governor general. He is directly responsible for corresponding with Britain and the queen on the behalf of the country.

Jamaica’s natural features and resources

Jamaica is nicknamed “The Land Of Wood And Water” because of its lush, green and thick vegetation and pure sources of water, which is mainly flowing through its rivers and springs. It is a fairly mountainous country. Some parts of the central region of Jamaica are mountainous in appearance and altitude. Majority of Jamaica’s central region is spanned by its highest mountain “The Blue Mountains”. The Blue Mountains were the home of the Central Maroons for many years during the Maroon revolts waged against the British. The Maroons still reside in Blue Mountain presently.

Jamaica is one of the leading producers of Bauxite within the Caribbean region. Bauxite Ore is the main source of Aluminium . The leading Bauxite mining company in the country is currently Noranda Bauxite Limited. They have a contractual agreement with the Government of Jamaica to mine Bauxite in none protected areas until 2030. The Cockpit country is Bauxite rich land but it is currently being protected under The Natural Resources Conservation Act. It is also a protected area due to the amount of Flora and Fauna within it that are endemic to Jamaica and the Caribbean region.

Jamaica’s National symbols

Jamaica has many plants and animals that are endemic to the country and region. The national bird of Jamaica is The Doctor Bird (Trochilus polytmus) it can only be found in the island nation and is one of the most outstanding specimens among all the species of Humming Birds. Jamaica’s national flower is the Lignum Vitae (Guiacum officinale). It was found on the island by Christopher Columbus. Many Jamaicans believe that it was nicknamed ” The Wood Of Life” because of its medicinal qualities. The plant grows best in dry woodlands along the North and South coast of the island. The wood of the tree is commonly used to make shaft bearings for ships and is sought after by nationals and none nationals alike for various reasons.

The National Tree of Jamaica is The Blue Mahoe  (Hibiscus elatus). This tree is regarded as one of the primary sources of timber in the local lumber industry. It is commonly used in re-afforestation efforts and is a major source of cabinet timber. The Jamaican coat of arms was designed by the Archbishop of Canterbury , William Sanderoft in 1661 and remains the same apart form a partial revision in 1957. It was maid with the intention of signifying the diversity of Jamaican people and culture.

Ackee (Blighia sapida) is the national fruit of Jamaica. Historians believe it was brought from West Africa , to Jamaica on slave ships. It may not be endemic to Jamaica but it has strong significance in the Jamaican culture. it produces large quantities of edible fruit every year. Jamaica is the only place that recognises the fruit as a edible crop , although it has since been introduced to other countries in the Caribbean. The Jamaican national costume is the Bandana and it is mostly worn at festivals and folk gatherings. It is plaid red in colour and usually made of cotton.

The Jamaican national flag is one of its most treasured national symbols and was first used on August 6 , 1962. It is apart of the reason why Jamaica is considered as a land of history and beauty today. This was the day that Jamaica gained independence from the British empire. The flag was designed by a bipartisan committee of the Jamaica House of representatives. the colours of the flag symbolize that  “Hardships there are but the land is green and the sun shineth is the symbolism of the Flag. Black symbolizes the strength and creativity of the Jamaican people ; Gold, for natural wealth and beauty of sunlight; and Green stands for hope and agricultural resources”.

Guidelines To Follow when using the flag:

• The Jamaican flag should never be allowed to touch the ground or floor. It should not be flown or used only for decorative purposes on anything that is for temporary use and is likely to be discarded, except on state occasions.
• The flag should never be smaller than any other flag flown at the same time.
• When the flag becomes worn and must be replaced, it should be burnt privately and not used for any other purpose than that, for which it was designated.
• Do not place any other flag above or to the right of the Jamaican flag, except at foreign embassies, consulates, and missions. (As seen from, say, a building looking outwards, i.e., the left when facing the building.)
• Do not raise any foreign flag publicly, unless the Jamaican flag is also flown, except at foreign embassies, consulates, and missions.
• The flag shouldn’t be draped over vehicles, except on military, police, and state occasion

Popular Jamaican Attractions

Jamaica is known for its popular resorts and beaches that are mainly common on the North coast of the island. Tourists go to these beaches and resorts in order to experience a variety of things . These things include snorkelling , sun bathing, swimming and many more. The island nation boasts many special monuments and artefacts from the past that attract visitors to its shores on a yearly basis. Some popular Jamaican attractions include.

• The Bob Marley Museum
• Port Royal
• North coast beaches
• Dunn’s River Falls
• Rose Hall Great House
• Maroon Town
• Devon House

Jamaica continues to be a land of history and beauty and as the years go by there is no doubt that it will continue to be a island paradise. Thank you for reading this article and Infoblog hope you found it to be informative and entertaining. Always remember to do your best in your endeavours.