As a member of the broader Portland group of companies, Portland Private Equity is pleased to see its regional financial services platform increase in breadth and depth as Michael Lee-Chin’s Portland Holdings Inc., the ultimate beneficial owner of National Commercial Bank Jamaica Limited (NCBJ), announced an agreement to purchase a 29.9% stake in Guardian Holdings Limited (GHL). This transaction is a game-changer in the history of the financial services sector in the Caribbean. It is the first transaction of its kind between two of the leading indigenous financial institutions in the region. NCBJ, an indigenous Jamaican institution – is the largest financial services institution in Jamaica and one of the largest in the region. GHL, an indigenous Trinidadian institution – is the leading insurer across the region, with significant market share in Trinidad and Tobago and Jamaica.
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