Young: NCB and Republic will dominate the Caribbean

NCB Global Finance CEO Angus Young says in the not-too-distant future the region will be dominated by two very large and very profitable indigenous pan Caribbean financial groups – NCB and Republic Bank.

He was speaking with the media on Wednesday night following the launch of FinGUARD, a vehicle financing and comprehensive insurance product, at Guardian Corporate Centre, Westmoorings.

Young said in the region there is general de-risking from the multinationals and non-indigenous institutions.

"What you are seeing is the indigenous institutions taking advantage of that and filing a void."

He said Republic Bank is a large financial institution domiciled in Trinidad that has recently announced acquisitions throughout the Eastern Caribbean, St Marten and Guyana.

"Number one and two are Republic Bank and NCB. We fighting. Number one and two largest and most profitable."

He said Republic Bank is domiciled in an investment grade territory – Trinidad – and going into non-investment grade territories whereas NCB is largely domiciled in Jamaica and is going from a non-investment grade territory into investment grade territories – Trinidad through the GHL acquisition and Clarion Bank in Bermuda.

"And I think that the future would be dominated by these two groups – indigenous, pan-Caribbean mandates."

Asked about JMMB and Grace Kennedy, which has opened banks in a number of places, Young said the size, profitability, volume of lending and the transactions done has to be looked at when comparing it to NCB.