BOJ moves to calm jitters amid NCBFG management changes
Published:Tuesday | July 18, 2023 | 5:41 PM
The Bank of Jamaica (BOJ) is seeking to assure that member companies of the NCB Financial Group (NCBFG) are profitable, strong and safe amid the sudden management changes at the financial institution.
In a market filing with the Jamaica Stock Exchange Tuesday morning, NCB announced that President and Group Chief Executive Officer of the NCB Financial Group Patrick Hylton and his deputy Dennis Cohen have proceeded on three weeks' vacation, effective today.
For the immediate future, Michael Lee-Chin, Chairman of NCBFG, will carry some executive responsibilities.
In a media release Tuesday afternoon, BOJ acknowledged the changes to the bank's senior management and noted that "corporate developments of this nature can give rise to concern among members of the public in Jamaica and overseas."
"Bank of Jamaica uses this opportunity to give the assurance that the member companies of the NCB Financial Group are profitable, strong, safe, and sound and possess sufficient capital and liquidity, which are above regulatory requirements," it said.
The BOJ pointed to recent statements by its Financial Policy Committee that the financial system in Jamaica remains adequately capitalised and liquid.
"Bank of Jamaica underscores its commitment to continuous robust supervision of all deposit-taking institutions and their holding companies with a focus on risk-based assessments, including ensuring that satisfactory corporate governance arrangements are in place at all licensees," the BOJ added.
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