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NCB formally withdraws IPO

Published:Thursday | June 30, 2016 | 6:01 PM

National Commercial Bank Jamaica has given up on its ambitions to storm New York, for now.

The bank advised the US Securities and Exchange Commission that it was formally withdrawing its initial public offering registration.

Four years ago, in May 2012, NCBJ filed the IPO registration but after a road show it postponed the plans for float on the New York Stock Excahnge. The market was not prepared to pay the price the bank wanted. However, NCB bank significant in subsequent periods that it had not given up on the plans.

It said as much again this week in a market notice, saying it would consider an offering in the future “in the event market conditions are desirable”.

NCB had hoped to raise US$175 billion from the IPO. The bank is owned by Michael Lee-Chin and run by Patrick Hylton.