Jamaican Bank Readies NY Listing

Jamaica’s National Commercial Bank (NCB) is planning to raise about $250m through an equity follow-on, representing its debut listing in New York. The bank, which currently trades in Jamaica and Trinidad, is raising funds for general corporate purposes, including organic growth and possible acquisitions. It does not yet indicate the timing of the deal, or the exact number of ADS to be sold. Part of the offer consists of secondary shares to be sold by vehicles belonging to Michael Lee-Chin, who owns 64% of NCB. JPMorgan and Macquarie are managing the sale. NCB has 39% of Jamaica’s bank market by assets. Its Jamaican shares closed Tuesday at JAD23.58 ($0.27).