Jan 2007 Financial News

Lee Chin hints at RBTT interest...

Jan 23, 2007

Jamaican billionaire investor and AIC chairman Michael Lee Chin hinted that his group may be willing to acquire RBTT Financial Holdings if the right opportunity presented itself.

Asked yesterday whether his group would be interested in acquiring RBTT, Lee Chin said, “We are open for business. We are a capital allocator. We’re opportunistic. We love the Caribbean and we have money.”

Questioned on whether his response should be taken as an affirmative response, Lee Chin responded, “I would take it as not a no.”

Lee Chin said the Barbados-based FCIB, which is owned by Canada’s CIBC, will be a competitor to every financial services institution in the region.

“They are well financed—CIBC is awash with capital,” said Lee Chin, adding, “They are bringing their wad of inexpensive capital to the Caribbean, which is good for the Caribbean. Yes, we see them as healthy and strong competition to us.”

Lee Chin was speaking at a media luncheon as part of a round of meetings he held yesterday to raise his investment group’s profile in the local market.

The meetings included talks with the Unit Trust Corporation, the National Insurance Board and the ANSA McAL group, where he held discussions yesterday afternoon with chairman emeritus Anthony Sabga at Tatil’s head office, Maraval Road, Port-of-Spain.

ANSA McAL chief operating officer Gerry Brooks, who sat in on the meeting, declined to give specific details on what was discussed.

However, he noted that the Caribbean region was expanding in terms of both politicial and commercial significance world-wide.

“As very significant Caribbean institutions, ANSA McAL and AIC have possibilities across the region,”

Brooks said.

I think it is appropriate both parties take a look at the Caribbean and see how we ensure our businesses grow. How do we ensure we add value to the lives of Caribbean people in an expanding economy where there are far more possibilities.”

Lee Chin owns Columbus Communications Inc which acquired the Cable Company of T&T in July 2005 for $700 million.

Lee Chin, through his Canadian mutual fund company AIC, has been seeking to raise at least US$1 billion.

He has been trying to build the Caribbean private equity investment fund as a driver to take equity stake in companies across the region.

In May 2006, US government agency, Overseas Private Investment Corporation (OPIC) loaned Lee Chin US$80 million (J$5.2 billion).

The sum has been one of the largest single block of funds secured for the AIC Caribbean Fund.


Source:
Sherwin Long
The Trinidad Guardian
Tuesday 23, January, 2007

http://www.guardian.co.tt/business1.html