KINGSTON, Jamaica — Prominent Jamaican-Canadian investor Michael Lee-Chin is evaluating the potential divestment of his controlling interest in National Commercial Bank Financial Group Limited (NCBFG) to address pressing debt obligations. This strategic consideration emerges as his Barbados-based company, AIC (Barbados) Limited, faces an immediate US$94 million bond payment, with total outstanding bond obligations amounting to US$297 million.
In accordance with an agreement with noteholders, Lee-Chin has initiated a 45-day resolution period commencing December 31 to structure repayment of both principal and accrued interest. The process aims to facilitate orderly settlement arrangements for the due amount.
“I’m conducting a comprehensive structural review of all available alternatives,” Lee-Chin stated during a telephone interview with Observer Online, while opting not to elaborate further. “All options remain under consideration, including full repayment, and I have allocated 45 days to reach a resolution.”
An official release from his office outlined potential strategies, ranging from complete debt liquidation to addressing the current payment, with the partial or full disposal of his NCBFG shareholding identified as a viable pathway. Lee-Chin currently serves as chairman of the diversified financial services conglomerate.
Any disposition would constitute a substantial block transaction. Recent NCBFG quarterly disclosures reveal AIC (Barbados) Limited maintained 46.24% ownership of the group’s issued shares as of September 30, 2025. Earlier regulatory filings dated March 31, 2025, indicated Lee-Chin and his affiliated entities collectively controlled 52.15% of NCBFG, with AIC (Barbados) specifically holding 46.74% at that time.
The billionaire is collaborating with financial advisors and key stakeholders to determine “the most appropriate and sustainable course of action,” according to the statement. Lee-Chin expressed confidence that the undertaken measures would yield favorable outcomes while reaffirming his commitment to fulfilling all financial obligations.
Market analysts anticipate a decision regarding the preferred approach within the forthcoming fortnight, substantially preceding the 45-day deadline. A transaction involving Lee-Chin’s substantial shareholding would represent a significant event for NCBFG’s market structure.
The company’s shares have experienced downward pressure, concluding at J$39.05 on the Jamaica Stock Exchange with 3.35 million shares traded recently. At this valuation, Lee-Chin’s 52.15% stake—based on 2.58 billion issued shares—approximates J$52.6 billion (US$335 million), substantially exceeding the total bond debt. This current price reflects a considerable decline from historic peaks when shares reached an intraday high of J$249 and closed at J$219 in July 2019. Year-to-date, the stock has depreciated 23.16%.
Lee-Chin established his fortune primarily through Portland Holdings Inc., his investment holding vehicle. His stewardship of NCBFG, which encompasses banking, insurance, and wealth management services across the Caribbean region, has constituted a foundational element of his business legacy.
Additional developments will be communicated as appropriate.