Nearly 500,000 customers of the National Commercial Bank Jamaica Limited (NCB) who already have a deposit account can now open an investment account with NCB Capital Markets Limited (NCBCM) from the comfort of their own home or mobile device via the company’s GoIPO platform.
The company indicated on Tuesday January 14 that this applies only to customers of the bank who are ‘KYC compliant’.
This means clients whose records are up-to-date and currently have active online banking profiles who may want to open an investment account in anticipation of the TransJamaican Initial Public Offer (IPO).
The IPO, set to start in February, is expected to be the largest in the Caribbean’s history. It involves the divestment of shares in the infrastructure company to the public.
This electronic account opening also facilitates the creation of a Jamaica Central Securities Depository (JCSD) account, which is a requirement for investing on the local exchange.
“People who are not NCB customers should not feel left out. They can visit an NCB branch to open both investment and deposit accounts in minutes using NCBX”.— Gooden
Though the investment house could not confirm when the operators of the East-West toll roads would come to market, NCBCM CEO Steven Gooden said his team was “committed to ensuring maximum participation by allowing the NCB Financial Group’s customers with up-to-date records to open both the brokerage and JCSD accounts online.
“GoIPO revolutionised our equities market in just a few short months and we are set to do that yet again by introducing another feature designed to make the investment experience more seamless, especially for new stock market investors,” he said.
Customers of NCB are able to pay directly from their bank accounts to purchase shares during an IPO as well as experience greater efficiencies during the post-IPO refunds, which can be sent back to directly their bank accounts or their NCB broker accounts.
Speaking to the further value of the brokerage account, Gooden noted that this account may be used by clients to avail themselves of other NCBCM products and services, not just stocks.
NCB clients who already use online banking can open an NCBCM account in minutes at the GoIPO Portal (goipo.jncb.com).
Those without NCB online banking access, Gooden said, are encouraged to download the NCB mobile app and sign-up for online banking from that platform.
“People who are not NCB customers should not feel left out. They can visit an NCB branch to open both investment and deposit accounts in minutes using NCBX,” said Gooden.
NCBCM, which recently copped top broker for the second consecutive year at last month’s Jamaica Stock Exchange Best Practices Awards. It has brokered and arranged four public offerings in as many months – the most recent being that of Mailpac Group Limited which listed last month – and interest in transactions of this nature is steadily increasing.
“If this is anything to go by then, Jamaicans can continue to engage the digital portal in an effort to build and manage their wealth,” Gooden said noting that this enhancement will serve investors well and facilitate the deepening of the capital markets as well as encouraging financial inclusion.