MICHAEL Lee-Chin, the chairman and majority shareholder of NCB Financial Group Limited (NCBFG), is welcoming Jamaicans from all walks of life to seize a new opportunity to invest alongside him as NCBFG seeks to recalibrate and expand its business.

Lee-Chin gained majority control of National Commercial Bank Jamaica (NCBJ) in March 2003, when many other buyers shunned the commercial bank after the domestic financial sector crisis. Now, 21 years later, the Jamaican-Canadian billionaire is kick-starting a new drive for Jamaicans to capitalise on the financial conglomerate which has $2 trillion in assets across 24 territories.

“I am personally inviting every single Jamaican to participate in this, the APO of NCBFG, because it is one of the best opportunities to create wealth for your family and yourself through ownership of the largest business in Jamaica which touches every single Jamaican, directly or indirectly. Every single Jamaican, directly or indirectly, does business with NCB — either through their point of sale, terminal ABM, payroll, insurance, loans, investment, et cetera, et cetera, et cetera,” Lee-Chin said in a response to the Jamaica Observer.

This opportunity is coming in the form of an additional public offering (APO) wherein Jamaicans will be able to purchase a minimum of 100 shares at $65 each in Jamaica’s largest financial group. Though the offer opens on May 6, interested individuals can visit
goipo.jncb.com to sign up to access the offer. The offer is set to close on May 26 as NCBFG seeks to raise $5.10 billion.

“There’s a saying: ‘If you buy the milk, you should own the cow.’ Okay? So there’s a tremendous opportunity here — and the track record speaks for itself. Had you bought in 2002 when I came and bought the National Commercial Bank, the share price then was approximately $2. It went up in $2019 to $220, which is 110 times. We have the track record of creating a lot of wealth and we’re not going to stop now. Secondly, you’re actually co- investing with myself. I own 50 pr cent of the bank, and therefore anyone who buys shares, they’ll also own a company piece. Be a partner with me personally so [that] we are aligned in creating wealth together. Thirdly, the price is inexpensive. Trading at less than $65, it will be less than book value. And over the past years, between 2002 and 2019, the price valuation has ranged up to three times book value. So, for $6,500 every single Jamaican can participate in this APO. I welcome you. Join me. It’s a win-win situation for you and for the financial institution of NCBFG. Thank you very much,” Lee-Chin closed.