A deal that would have given a Jamaican firm a more than 30 per cent stake in Bermuda’s Clarien Group, has fallen through.

National Commercial Bank Financial Group, headquartered in Kingston, said the planned divestment involving Barbadian firm, Cornerstone Financial Holdings, had officially expired, with the parties choosing not to extend the agreement.

The announcement came only two days after NCB said it had entered into a share purchase agreement with Cornerstone, for the sale of 30.20 per cent of its stake in Clarien. NCB, which runs one of the region’s largest financial conglomerates, attempted the transaction to reallocate capital.

“Clarien remains a subsidiary of NCB, domiciled in Bermuda,” NCB stated on Thursday.

Details of what led to the deal collapse have not been shared.

Caribbean news website Loop said: “With the sale off the table, NCB’s next steps regarding Clarien’s future will be closely watched, particularly in how it plans to leverage the subsidiary’s Bermuda operations amid shifting regional financial landscapes.”

Ian Truran, the chief executive of Clarien Bank, said: “As it pertains to Clarien specifically, I am pleased to report that we continue to successfully execute our strategic plans, striving to deliver exceptional value to our clients, our staff and our shareholders.

“Clarien has continued improvement across all financial metrics growing the balance sheet and profitability while maintaining a strong capital ratio that is in excess of 30 per cent.

“In addition, we have made investments in our infrastructure platforms improving our resiliency and positioning us for future growth in our personal, commercial banking and wealth management segments.

“Clarien will continue to execute on its vision to create a world-class financial ecosystem that serves to power the advancement of individuals, businesses and the communities we serve.”