Mourant’s Cayman Islands teams handled the legal work for NCB Financial Group’s sale of two banking subsidiaries to Clarien Bank.
The firm’s corporate and regulatory teams advised members of NCB Financial Group on the intra-group transaction involving NCB (Cayman) Limited and NCB Trust Company (Cayman) Limited.
NCB Financial Group Limited (NCBFG) sold the two wholly owned Cayman subsidiaries to its Bermuda-based banking subsidiary Clarien Bank Limited.
Completion of the transaction was announced on 31 August after the required regulatory approvals were received.
Mourant’s corporate partners Tom McLaughlin and Catherine Pham led the legal work. They were supported by associate Paris Goode and articled clerk Lissette Williams-Fernandez.
Partner Sara Galletly and her team provided specialist financial services regulatory advice.
McLaughlin said the transaction demonstrated how Mourant’s corporate and regulatory teams worked together on cross-border transactions involving regulated financial services businesses.
“We were pleased to support our clients on this important strategic internal realignment.
“This is a great example of the way our corporate and regulatory experts are able to closely collaborate to provide integrated advice on complex cross-border share and asset-sale transactions, particularly those involving regulated financial services businesses.”
The transaction will bring NCBFG’s Cayman banking and wealth management activities under Clarien’s platform. The Cayman operation is expected to be rebranded Clarien Bank and Investments Limited.
Clarien Bank is a majority-owned subsidiary of NCBFG. The bank has said the acquisition forms part of its strategy to expand its operations in selected markets.
Clarien Bank CEO Ian Truran previously said that the transaction would support the bank’s expansion strategy.
“This marks an exciting new chapter for Clarien and supports our strategy to expand thoughtfully within high-quality offshore markets,” he said.
Selected wealth and investment management client relationships from NCB’s Cayman operations are expected to move to Clarien as part of the transaction.
The bank has said the process is designed to minimise disruption for clients and staff.
