Lee Chin sets up shop in T&T
Trinidad Guardian
October 20, 2003
Jamaican billionaire Michael Lee Chin is in T&T looking to offer financial services. Lee Chin, chairman of AIC Ltd and deputy chairman Kris Astaphan are in town to drum up support for their move into the local financial sector.
AIC has made an application to offer financial services in T&T.
Astaphan did not disclose the exact nature of the business, since the application has not as yet been approved.
Sources, though, said the move could include a merchant bank.
AIC, based in Canada, has Can$15 billion under management and is 95 per cent owned by Lee Chin.
The company has been making major investments in Lee Chin’s country of birth, Jamaica.
In 2002 AIC bought 75 per cent of the National Commercial Bank from the Jamaican Government and has since acquired major shareholdings in Desnoes and Geddes and Cable and Wireless Jamaica.
National Commercial Bank has applied for a listing on the T&T Stock Exchange.
“You have a fabulous potential for the economy,” Astaphan said.
“If you are a Caribbean financial services player you need to be in Trinidad. There’s no question about it. We’re now looking at the south Caribbean, possibly in a little while the mid Caribbean and then connect the dots.”