National Commercial Bank
National Commercial Bank Jamaica Limited (NCB) is 75 percent owned
by AIC Limited, Canada's largest privately held Mutual Fund Company.
The bank has had a long and colourful history dating back to 1837
when the Colonial Bank (predecessor to Barclays Bank International)
opened for business on Harbour Street, downtown Kingston. In 1977,
the Government of Jamaica acquired the shares of the Bank and changed
its name from Barclays Bank to National Commercial Bank Jamaica
Today, the NCB and its subsidiaries are one of the largest financial
services groups in Jamaica providing a wide range of services. The
subsidiaries are NCB Capital Markets Limited which provides securities
and stockbrokerage services; NCB Insurance Company Limited which
provides banc assurance products; West Indies Trust Company Limited
for pension and property management; NCB (Nominees) Limited for
registrar services; NCB (Cayman) Limited which offers offshore banking;
and Senvia Money Services for money remittance services.
The bank's customers are able to access an extensive array of banking
solutions through NCB's network of 52 branches; 110 Automated Banking
Machines; Internet and Telephone Banking Services; and a state-of-the-art
24-hour Customer Care Centre.
NCB is the leader in the credit card business and was the first
commercial bank in Jamaica to introduce its own propriety credit
card - The NCB KeyCard - in 1981, that is accepted at over 7,500
Our corporate banking division provides financing for a large number
of local and multinational companies operating in Jamaica and has
successfully structured financial arrangements for companies in
all major sectors of the economy - hospitality and tourism; shipping
and port services and quasi-government institutions, among others.
NCB is a good corporate citizen, and through its Chairman, Michael
Lee-Chin, has committed to "do all we can, within our means,
to assist our Jamaican people in building their intellectual capital".
This is evident from the NCB Jamaican Education Initiative (JEI),
a J$150 million programme that focuses on developments that positively
impact the process of building a strong educational foundation for
Jamaica. The components of the JEI are: sponsorship of CXC examinations
for all secondary school students sitting Principles of Business
and Principles of Accounts; book and computer donations; early literacy,
mentorship and role model programmes; teacher loan programmes; and
the Omni Educator savings plan.
Mr. Lee-Chin, the Chairman of AIC Limited, the parent company of
NCB, has also committed to reinvest all its dividends from NCB back
into Jamaica. In addition, NCB has shown its continuing faith and
confidence in Jamaica by investing in the shares of Kingston Wharves;
Dyoll Group of Companies; RJR Communications Group, Life of Jamaica
Ltd. and Red Stripe.
The NCB Group of Companies is technologically advanced having spent
approximately US$55 million on a new core banking system since 2002.
Our growing creditworthy asset book as well as the improving capital
base of the Group, suggest a financial strength that places NCB
in a very strong and competitive position in our marketplace. In
the second quarter, the organization recorded continued significant
growth and at the end of March 2004, NCB group reported profits
of J$1.89 billion.