Proven Investments Limited (ProvenJA) has advised that their Board of Directors approved the following resolution at the Board Meeting held on May 25, 2017:

(a)   the Company be and is hereby authorized to offer for subscription up to 68,949,472 ordinary shares of US$0.01 par value in the capital of the   Company (the “Share”) and ranking pari passu in all respects with the existing issued ordinary stock units of US$0.01 par value in the capital of the Company at an offer price in cash to be determined by the Directors of the Company in accordance with the Articles of Association of the Company, such offer to be made as a renounceable rights issue, on terms whereby:
           (i) each existing ordinary shareholder of the Company as at such record date as may be determined by the Directors (hereafter, an “Eligible Member”) shall be entitled to apply for up to one (1) new Share for every block of eight (8) ordinary stock units held (with fractions of a block being disregarded), and
           (ii) such Eligible Members may elect to renounce the provisional allotment of some or all of the Shares allocated to them in the offer in favour of a person of their choice, whether or not such person is also an Eligible Member; and
(b)   that such ordinary shares as are applied for pursuant to the offer in respect of which application are accepted by the Directors, be issued and allotted in accordance with the terms and conditions of such offer, which terms and conditions shall be determined by the Directors in their sole discretion and set out in a prospectus to be issued by the Company under authority of the Directors in connection therewith.
(c)   that such ordinary shares as are issued and allotted by the Directors in accordance with the foregoing resolutions shall be converted to ordinary stock units of US$0.01 par value in the capital of the Company upon issue.”

"The market, like the Lord, helps those who help themselves. But unlike the Lord, the markets does not forgive those who know not what they do"- Warren Buffett.

The best investment decisions are based on accurate, timely market information and the understanding of how to use this information to capitalize on lucrative opportunities. In short - knowledge, time and expertise are crucial to your financial success. Many investors don’t usually have all three.


 “Use other people’s brains” - The 2nd law of wealth creation

Not having the knowledge, time or expertise should not be a deterrent to your financial success. Serious investors know that what you don’t have, you seek. Find the expertise and use it!


NCB Capital Markets Limited invites you to leverage our expertise

Our in house research team has the knowledge and expertise to identify profitable market opportunities for you and provide you with timely market information and investment strategies.

Our research analysts have years of experience and training in the financial markets. The team has copped the JSE Market Research Competition top prize for Analyst of the Year for the last three consecutive years.

We invite you to take advantage of the knowledge base of our experts who spend each day analyzing the local and international financial markets to identify attractive investment opportunities for your portfolio. 

Check out our Weekly Market Guide for a recap of the week’s economic conditions both locally and internationally.

What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a statute of the United States of America (US), geared at combatting tax evasion by US persons who utilize such means
as holding investments in offshore accounts and or entities.


FATCA requires all non-US financial institutions [foreign financial institutions(FFIs)] around the world to
    -each enter into an agreement with the US Internal Revenue Service (IRS),
    -collect certain information on all new and existing accounts they hold for US persons,
    -report  information in relation to certain US persons to the IRS, and
    -withhold and pay over to the IRS 30% on certain payments of US source income,
     as well as gross proceeds from the sale of stocks or securities that generate US source income, made to:
        a. Non-participating FFIs ( which are foreign financial institutions that have not entered into an FFI agreement with the US Internal Revenue Service. By declining to participate, such institutions are (among other things) refusing to: report information on certain US persons, implement procedures to identify US persons, and withhold on U.S. source income to recalcitrant accounts holders and non-participating FFIs.)
        b. Individual account holders failing to provide sufficient information to determine whether or not they are a US person (recalcitrant account holders), or
        c. Foreign entity accountholders failing to provide sufficient information about the identity of their substantial US owners (also classified as recalcitrant).

Who will be affected?

In addition to foreign financial institutions, specified US persons will be affected. This includes:

-U.S. Citizens residing in the US or overseas
-Green card holders
-U.S. Passport holders
    -U.S. “Tax residents”, which are persons who have stayed in the US for several consecutive days during the past three years. To meet this test, one must
be physically present in the United States on at least:
    1. 31 days during the current year, and
    2. 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting:
- All the days you were present in the current year, and
- 1/3 of the days you were present in the first year before the current year, and
- 1/6 of the days you were present in the second year before the current year.

What is an intergovernmental agreement?

In order to lessen the some of the requirements of FATCA, the Government of Jamaica entered into an Inter-Governmental Agreement (IGA) with the US Government.
Similar agreements have been or are being negotiated with several other countries globally. The Cayman Islands has also signed an IGA, while we understand the Government of Trinidad & Tobago is negotiating one. Under the Jamaican IGA, local FFIs will report information on US persons to a local authority (the Tax Administration of Jamaica), which in turn will provide this information to the US under an automatic exchange of information. The Caymanian IGA will result in the financial institutions from that territory providing the Tax Information Authority/its designate with information
pertaining to US persons for onward submission to the US.

Some other advantages of having an IGA in place include:

-Reduction in some of the costs, complexities and legal issues associated with achieving FATCA compliance,
-Removal of the 30% withholding,
-Removal of the 30% withholding on U.S. income of Jamaican and Caymanian FFIs,
-Greater alignment with existing Know Your Customer requirements,

Who are “recalcitrant account holders”?

This refers to account holders who fail to comply with any request by an FFI to provide documentation and/or information required to determine the status of their accounts (i.e. US or non-US accounts). As a consequence of this classification, FFIs are required to report the customers as recalcitrant. Customers who allow their accounts to become recalcitrant may also see their financial institutions giving serious consideration as to the future of the business relationship.

What will be the impact of FATCA on our customers?

Effective July 1, 2014, to align with the requirements of FATCA, National Commercial Bank Jamaica Limited (NCB) and some of its subsidiaries will be making changes to our account opening procedures, in particular the information that we collect to satisfy our Know Your Customer (KYC) procedures.

Additional Information:

Should you require further clarification, you can either visit:

-The Internal Revenue Services’ website at

Or call:

-Our Customer Care Centre at 1-888-NCB-FIRST (622-3477)
-Our Relationship Managers at any of our branch locations

We continue to enjoy an exceptional banking relationship with you and thank you for selecting NCB as your Bank of Choice, and hope that together, we can help you to Put
Your Best Life Forward.