It officially opened for business on March 15, 1978 with the Agricultural Industrial and Development Bank (AID) bank as a wholly owned subsidiary.

In January 1982, the AID development bank was made a separate and independent entity.

By letter dated October 10, 2003, National Commercial Bank of Dominica was advised by the Government of Dominica of its decision to divest itself of its majority holding in the National Commercial Bank (NCB).

This was part of Government of Dominica's strategy to privatize NCB.

This decision meant that the NCB Act Chapter 74:02 was repealed and a new company, the National Bank of Dominica Ltd was incorporated to succeed the NCB.