National Commercial Bank (NCB) Limited announced this week that its subsidiary, NCB Capital Markets, has completed the acquisition of AIC Finance Limited.
The closing of the deal now clears the way for NCB Capital Markets to start trading in the Trinidad market through AIC Finance.
NCB made the disclosure of the completion of the sale in a market filing to the Jamaica Stock Exchange this week.
Both NCB and AIC Finance are ultimately owned by investor Michael Lee-Chin. AIC Finance holds some TT$34 million in total equity, according to the latest available financials.
The bank has secured regulatory approval for the acquisition. The company was purchased for US$2.3 million.
NCB Capital Markets is a subsidiary of the publicly traded NCB, Jamaica's largest banking group, which is owned 62 per cent by Lee-Chin.
AIC Finance is a subsidiary of Portland Holdings Inc, a Canada-based privately held investment company founded and chaired by Lee-Chin. Its products include mutual funds, stock brokerage, trade finance, merchant banking, deposits, fixed-income securities and foreign exchange.
In September, in anticipation of the concluded sale, Rickert Allen, senior general manager, Group Human Resources Division of NCB, said the bank was aiming to use the new acquisition as a springboard into the eastern Caribbean markets.
"Trinidad and Tobago is the strongest economy in the eastern Caribbean and will provide us access to other markets," he said.