[4] During a period of financial crisis in Jamaica in the mid 1990s, NCB experienced steep losses and an erosion in its capital base.

The Government of Jamaica, through its Financial Sector Adjustment Company (FINSAC), acquired 68% of NCB Group Limited for J$19.5 billion, which was used to purchase bad debts and recapitalize the business.

Consequently, NCB developed and implemented a FINSAC-approved rehabilitation plan, which involved maintaining minimum capital adequacy ratios of 12% and accelerating the divestment of non-core financial services subsidiaries.

As a result of the successful execution of its rehabilitation plan, NCB reported a net profit of J$405 million for the year ended September 30, 1999, representing a significant turnaround from its loss of J$1 billion in the previous year.

[4] In 2002, Portland Holdings, a privately held investment holding company owned by Jamaican-Canadian businessman Michael Lee-Chin, acquired (through its subsidiary AIC Limited) 75% of National Commercial Bank Jamaica Limited[4] from FINSAC for J$6 billion.