"The team at Portland Private Equity understands the property and casualty insurance business and the nuances of business building in Jamaica. They have proven to be deeply knowledgable and well connected investors and I view them as valuable mentors and constructive contributors on the board of directors."
Portland Holdings announces that National Commercial Bank Jamaica Limited acquired a Substantial Interest in Guardian Holdings Limited
Jamaica
December 1, 2015
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.
Contact:
For more information visit www.portlandpe.com or contact Douglas Hewson at dhewson@portlandpe.com.
About Portland Private Equity:
Portland Private Equity is a private equity fund management company currently focused on opportunities in the Caribbean, Central America, and Andes regions through its management of two institutional funds Portland Caribbean Fund II and AIC Caribbean Fund.