KINGSTON, Jamaica — Jamaican-Canadian billionaire Michael Lee-Chin is considering the sale of his controlling stake in National Commercial Bank Financial Group Limited (NCBFG) to settle a US$94 million bond payment now due, with total bond obligations standing at US$297 million.

Lee-Chin has activated a 45-day period, beginning December 31, to address the principal and interest owed by AIC (Barbados) Limited, in accordance with an agreement with its noteholders. The process is designed to finalise repayment arrangements for the immediate amount in an orderly fashion.

“I’m doing a structural review of all the alternatives,” Lee-Chin told Observer Online by phone, declining further comment. “I’m considering all the options, including paying off everything, and I have 45 days to do it.”

A statement from his office listed options, including full repayment or settling the current sum, with a potential divestment of his NCBFG shareholding as one avenue. Lee-Chin serves as chairman of the financial group.

Any sale would involve a significant block. According to the latest NCBFG quarterly report for the period ending September 30, 2025, AIC (Barbados) Limited—a company within Lee-Chin’s portfolio—owned 46.24 per cent of NCBFG’s issued shares. Regulatory filings from March 31, 2025, showed Lee-Chin and his beneficial affiliates collectively owned 52.15 per cent of NCBFG, with AIC (Barbados) holding 46.74 per cent at that earlier date.

Lee-Chin is working with advisors and stakeholders to determine “the most appropriate and sustainable course of action”, his statement said.

“This process is focused on identifying a responsible solution that best serves all stakeholders,” he said. He expressed confidence the steps would lead to a positive resolution and reaffirmed his commitment to honouring the obligations.

A decision on the preferred course is expected within two weeks, well ahead of the conclusion of the 45-day period. A move to sell a substantial portion of his shareholding would be a major market event for NCBFG.

The company’s shares have faced pressure, closing at $39.05 on the Jamaica Stock Exchange on Tuesday, with 3.35 million shares traded. At that price, Lee-Chin’s 52.15 per cent stake, based on 2.58 billion issued shares, is valued at approximately $52.6 billion (US$335 million)—a sum that vastly exceeds the total bond debt. The current price is a fraction of its historic peak, when the stock reached an intraday high of $249 and a closing price of $219 in July 2019. The stock is down 23.16 per cent year-to-date.

Lee-Chin built his fortune primarily through his investment holding company, Portland Holdings Inc. His leadership of NCBFG, which spans banking, insurance and wealth management across the region, has been a cornerstone of his business profile.

Further updates will be provided as appropriate.