TORONTO and BARBADOS, Feb. 9,
2022 /CNW/ - Sagicor Financial Company Ltd. ("Sagicor")
today announced that its subsidiary, Sagicor Group Jamaica Limited
("SGJ" or the "Company"), has entered into a definitive agreement
for the purchase of 100% of the shares in Alliance Financial
Services Limited ("AFSL"). The deal is subject to due
diligence and regulatory approval and SGJ has commenced the process
of applying for a cambio licence and a remittance licence from the
Bank of Jamaica. According to its
publicly available audited statement of financial position, AFSL
had 4.4 billion Jamaican dollars of total assets and 1.6 billion
Jamaican dollars of total shareholders' equity as at September 30, 2020, equivalent to approximately
US$28 million and US$10 million respectively.
Sagicor Group Jamaica Limited President and CEO, Christopher Zacca stated that "the acquisition
of AFSL is aligned to the Group's overall strategy for growth as it
will allow the Company to move into new business segments and
expand our product offerings to our clients." Mr. Zacca
further stated that "the deal augurs well for Jamaica's economy, the financial sector,
AFSL's employees, clients and other stakeholders, as well as the
public confidence in the financial market, as it will ensure that
the company resumes normal operations as soon as possible. Our
commitment to the growth and development of Jamaica and in particular the smooth
functioning of the foreign exchange market, which is vital to our
economy, is evident in this transaction."
About Sagicor Financial Company Ltd.
Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial
services provider in the Caribbean, with over 180 years of history, and
has a growing presence as a provider of life insurance products in
the United States. Sagicor offers
a wide range of products and services, including life, health, and
general insurance, banking, pensions, annuities, and real estate.
Sagicor's registered office is located at Clarendon House, 2 Church
Street, Hamilton, HM 11,
Bermuda, with its principal office
located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional
information about Sagicor can be obtained by visiting
www.sagicor.com.
SOURCE Sagicor Financial Company Ltd.