Our History

The roots of National Commercial Bank Jamaica Limited (NCB) extend over some 170 years to 1837 when the Colonial Bank of London, England opened its doors on Harbour Street in the flourishing city of Kingston Jamaica. Over the years as the face of banking of Jamaica began to change, and through a series of mergers and acquisitions, the bank eventually emerged in August 1977 as National Commercial Bank Jamaica Limited.

Milestones

1925

  • Eleven branches islandwide.
  • Colonial Bank along with two other banks were acquired by Barclays Bank of London. The new organization was incorporated as Barclays Bank (Dominion Colonial and Overseas). Later became Barclays Bank DCO.

 

1975

  • Barclays Bank DCO transfers its Jamaican operation to a wholly owned subsidiary, Barclays Bank of Jamaica Ltd.

 

1977

  • Government of Jamaica acquires all of Barclays Bank of Jamaica’s shares and changes the bank’s name to National Commercial Bank Jamaica Ltd.

 

1981

  • First Jamaica credit card Keycard is launched

 

1983

  • First Jamaican Bank to have deposits in excess of $1.0 billion with assets exceeding $1.3 billion

 

1985

  • N.C.B. Group Limited (a holding company) was incorporated in order to reorganize the structure of NCB and its subsidiaries. NCB Group subsequently acquired all the issued share capital of NCB and its subsidiaries.

 

1986

  • National Investment Bank of Jamaica (NIBJ), a Government owned company, acquired the entire issued share capital of NCB Group.
  • NIBJ offered for sale 30,600,000 ordinary shares of $1.00 each in NCB Group, of which 26,683,560 were offered to the public at $2.95 per share and the remainder was made available to the Trustees of the Employee Share Scheme.
  • N.C.B. Group was listed on the Jamaica Stock Exchange.

 

1991

  • NIBJ sold a further 6,000,000 ordinary shares of $1.00 each to the Trustees of the Employee Share Scheme.
  • Restrictions barring any person or connected group of persons from having an interest in more than 7 1/2% of the issued capital of NCB Group, were removed by an Act of Parliament, The N.C.B. Group Limited (Alteration of Memorandum and Articles of Association) Act, 1991.

 

1992

  • NIBJ sold the remaining 23,395,420 shares of $1.00 each in the Company (39%) to Jamaica M&N Investments Limited, a company then owned jointly by Jamaica Mutual Life Assurance Society and Jamaica National Building Society which was a wholly owned subsidiary of Mutual Life.
  • The Company made a bonus issue of 3 ordinary shares of $1.00 each for every 1 ordinary stock unit of $1.00 previously in issue. The issue was made through the capitalization of $180 million from the capital reserve. Each stock unit in issue after this bonus issue was subsequently divided into 2 stock units of 50 cents each.

 

1993

  • Right issue of 10 million ordinary shares to stockholders on record as at July 5, 1993. The issue was fully underwritten by the West Indies Trust Company in its capacity as Trustee of the NCB Employees Pension Fund. Approximately two-thirds of the shares comprised in the rights issue was taken up by the underwriters. By virtue of this rights issue, the number of issued shares in the Company increased to 490,000,000 ordinary stock units of 50 cents each.
  • The Company made a take-over bid to acquire all of the issued capital of Mutual Security Bank Limited (previously a subsidiary of Mutual Life), by way of an exchange of shares at the rate of 4 NCB Group stock units for every 3 MSB stock units held and on the basis that odd shares be acquired for cash at the rate of $12.00 per share. In response to the take-over bid, acceptances were received from MSB stockholders, holding 95.6% of its shares. The remainders of the MSB shares were subsequently acquired in accordance with section 195 (1) of the Companies Act. In total, 210,602,656 NCB Group shares were issued to acquire the stock units of MSB.

 

1996

  • NCB merges with Mutual Security Bank Jamaica Limited, thus becoming a dominant force in the financial sector.

 

2000

  • NCB Group Shareholders approved a Scheme of Arrangement put forward by the NCB Group Board, and as a result, received one ordinary share in the Bank in exchange for each ordinary share held in NCB Group Limited.
  • The Bank’s shares became tradable on the Jamaica Stock Exchange, replacing the old NCB Group Limited shares. National Commercial Bank Jamaica Limited is the new parent Company of the reorganised NCB Banking Group, the other companies being, NCB (Investments) Ltd., Omni Insurance Services Ltd., Edward Gayle and Co. Ltd., West Indies Trust Co. Ltd., Data Cap Processing Ltd., NCB Jamaica (Nominees) Ltd., and NCB Cayman Ltd., all of which are financial service entities.

 

2002

  • AIC Limited acquired approximately 75% of the shareholding in the Bank from FINSAC.  With this acquisition, Jamaican-born Canadian businessman Michael Lee Chin became NCB’s Chairman.
  • NCB launched Jamaica’s first ‘Drive Thru’ Automated Banking Machine (ABM).
  • NCB Payroll Plus – a new consumer loan scheme is launched
  • e-FINANCIAL SERVICES launched: a state-of-the-art customer call Center; Internet banking, Short Messaging Services (SMS) and telephone banking by dialing 1-888-NCB-FIRST
  • The MSB Foundation and NCB Project Lifeline merged and renamed to form the N.C.B. Foundation.

 

2003

  • NCB is listed on the T&T Stock Exchange
  • Jamaica Education Initiative (JEI) started whereby 1% of cost of purchases made using Key Card went towards education initiatives such as scholarships, school infrastructure, facilitated by the N.C.B. Foundation.

 

2004

  • NCB-SME product launched – a suite of financial services and solutions for small and medium enterprises – SME Unit established
  • NCB partners with the Jamaica Manufacturers’ Association in their “Buy Jamaican, Build Jamaica” campaign

 

2005

  • NCB Wellness and Recreation Center was officially opened.  The facility was formerly known as the NCB Employees’ Sports Club, but was renamed to encapsulate the additional benefits

 

2007

  • The Jamaica Exporters’ Association recognized NCB as the top financial institution for 2006 under the Exporter’s Support Services, Financial category
  • NCB is awarded LatinFinance’s 2007 Best Bank of the Year
  • Winner of the Jamaica Stock Exchange Best Practices Award for Corporate Disclosure and Investor Relations.

 

2008

  • NCB receives the Manchester Chamber of Commerce 2007 award for Banking and Finance
  • Winner Jamaica Stock Exchange Best Practices for Corporate Disclosure and Investor Relations and Governor General Award for Excellence.
  • Jamaica Employers’ Federation Private Sector Corporate Social Responsibility Award
  • The Banker Awards – Bank of the Year 2008
  • Global Finance – Jamaica Best Foreign Exchange Provider
  • NCB introduces first on-line loan application for credit card and loan applications
  • NCB Staff Training Center registered as tertiary level institution by the University Council of Jamaica; renamed Corporate Learning Campus (CLC)
  • Introduced Utility Bill Payment option at ABMs (JPSCo and NWC)
  • Launch of the NCB SME Nation Builder Awards highlighting entrepreneurial excellence and strong community involvement by local businesses.
  • Relocation of NCB Mandeville Branch to new facilities at 6 Perth Road
  • Opening of NCB Port Antonio Branch
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Customer Care Centre: 1-888-NCB-FIRST (622-3477)