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Bank sale! Is Cayman Islands RBC to be sold to NCB?

RoyalBankJamaicaRBC_Logo279X189From IC Insider

Will NCB pick up RBC Cayman?

Hot on the heels of an agreement to sell RBC Royal Bank (Suriname) N.V. (“RBC Suriname”), to Republic Bank in Trinidad, word reaching IC Insider is that Royal Bank’s operations in the Cayman Island is being sold.

The bank’s website shows three branches in that territory. IC Insider’s source informs us that Michael Lee Chin, Chairman of National Commercial Bank has been seen on the island frequently in recent times, but a comment from National Commercial Bank’s Cayman representative was numb when asked if his bank is buying the RBC operations, but there was no denial suggesting, strongly that NCB is a potential candidate.

RBC Canada stated when they announced the sale of the Suriname bank that “As we continue to focus our Caribbean operations on markets in which we can be a leading competitor for the long-term, we have made the decision to sell RBC Suriname to Republic Bank Limited,” said Kirk Dudtschak, executive vice-president and head, RBC Caribbean Banking. “This transaction supports the successful repositioning of our Caribbean business for the future and allows us to focus on markets where we can strengthen our operational capabilities and where we see opportunities for growth.”

Last year RBC sold the Jamaican operations to Sagicor Group after the entity lost billion of dollars and showed no sign of a turn around.

About IC Insider
John Jackson a chartered accountant, is well-known to many, as Jamaica’s investment guru based on his record of identifying undervalued stocks that went on to make huge gains. He closely watches the markets, digs deep into financial and other data and monitors the performance of listed companies to give readers the most insightful information they need to make superior returns. You’ll want to consider his opinion before making an investment or business decision. All comments and questions are welcome.

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LEE-CHIN_MichaelHon. Michael Lee Chin – Chairman
Michael Lee-Chin is the Chairman and President of Portland Holdings Inc. and Chairman of NCB Jamaica Limited. He has over 32 years experience in financial services. Portland Holdings Inc. is a privately held investment company which manages public equity, private equity as well as having direct ownership interest in a collection of diversified businesses operating in sectors that include media, tourism, health care, telecommunications and financial services.

Mr. Lee-Chin holds a Bachelor’s degree in Civil Engineering from the McMaster University in Canada and has received honorary Doctor of Laws degrees from McMaster University; the University of Toronto; The Northern Caribbean University Mandeville, Jamaica; the Wilfrid Laurier University School of Business & Economics, Waterloo, Canada; University of the West Indies and York University. He has received several prestigious awards in the areas of business and community service including the 2004 International Humanitarian Award from the American Friends of Jamaica.

Michael Lee-Chin was awarded the Order of Jamaica, for outstanding service in business and philanthropy, in October 2008.
NCB Cayman


Throughout the international financial community, when any discussion of financial centres arises, the Cayman Islands are instantly distinguished as a sophisticated and successful international financial Centre.Today Cayman ranks as one of the world’s largest international financial centres.

NCB (Cayman) Limited, sited in George Town, Grand Cayman is the offshore banking subsidiary of National Commercial Bank Jamaica Limited. Regulated by the Cayman Islands Monetary Authority, this subsidiary’s core business lines include banking, investment services, as well as company formation and management.

The Bank operates in one of the most competitive financial jurisdictions in the world tailored specifically to meet the needs of the discerning investor.



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