The ratings on National Commercial Bank Jamaica Ltd. (NCB) are underpinned by the bank's relevant market presence in the Jamaican banking system and the sale of a majority stake of NCB to Canadian-based mutual fund manager Advantage Investment Counsel (AIC), which was in line with the goal of Financial Sector Adjustment Co. (FINSAC) to privatize the bank. NCB is one of the leading institutions in Jamaica, holding a 36.8% market share in terms of assets. The bank benefits from strong brand-name recognition and, due to its relevance in the system, NCB has benefited from government support when needed. During 2002, the bank returned to private hands, which represented a positive step for NCB toward being run with a market-oriented approach.
