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NCB Financial Group's headquarters on Trafalgar Road in New Kingston, Jamaica (File photo)

NCB now seeks US$250 million after bond oversubscribed

NCB Financial Group's headquarters on Trafalgar Road in New Kingston, Jamaica (File photo)

National Commercial Bank Jamaica Limited will increase the amount to be raised by way of the securitisation of its diversified payment rights, its parent company announced.

National Commercial Bank Jamaica (File photo)

Previously aiming for US$175 million, the NCB Financial Group advised on September 25 that it will now be seeking up to US$250 million following an oversubscription of the transaction.

The group says the transaction will be rated by Fitch Ratings and placed in the international private placement market by Westwood Capital LLC, as arranger.

The transaction is expected to close by September 30, 2020.

The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman as well as NCB Global Finance Limited in Trinidad and Tobago.

Group profit fell 29 per cent in the third quarter ended June, 2020.

NCB Financial Group Limited (NCBFG) and its subsidiaries (the Group) for the nine months ended June 30, 2020 reported net profit of $20.3 billion.

Operating profit for the nine months increased by 28 per cent or $4.9 billion over the prior year. The net result from banking and investment activities, $58.3 billion, represented growth of 12 per cent or $6.2 billion.