MEXICO CITY (S&P Global Ratings) May 16, 2019--NCB Financial Group Limited (NCBFG), the ultimate parent of National Commercial Bank Jamaica Ltd. (NCBJ; B/Positive/B), announced on May 13, 2019, that it had completed the acquisition of the majority of shares in Guardian Holdings Limited (GHL; not rated), a Trinidad&Tobago-based insurance group. The conclusion of the transaction followed the granting of required regulatory approvals, payment, and take-up of GHL shares. Consequently, NCBFG is now the controlling shareholder of GHL, owning nearly 62% of its shares. The Jamaica-based group will incorporate GHL's operations into NCBFG, which could affect the group's credit profile, particularly increasing NCBFG's revenue sources diversification by business line and geography, and shifting its capital adequacy. However, we believe
