Scotiabank to sell insurance operations in Jamaica and Trinidad & Tobago

The Bank of Nova Scotia (Scotiabank) has chosen to strip insurance tasks in two Caribbean nations including Jamaica and Trinidad and Tobago to Sagicor Financial.


The Canadian bank said that the choice to offload Saint Lucia Insurance industry and ScotiaLife Trinidad and Tobago is important for its procedure to help scale in center geologies, further develop profit quality and slice down hazard to the bank.


Scotiabank will sign a 20-year bancassurance settlement with Sagicor Financial.


These arrangements are likely to receipt of administrative endorsement and standard shutting conditions.


Furthermore, the exchange is likewise restrictive to the end of the declared exchange by which Sagicor will be procured by Alignvest Acquisition II Corporation. The enduring substance will keep on working the Sagicor brand.


Separately, Scotiabank has chosen to discard its financial activities in nine non-center business sectors in the Caribbean to Republic Financial Holdings Limited (RFHL). These nations incorporate Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts and Nevis, St. Lucia, St. Maarten, St. Vincent and the Grenadines.


Scotiabank global financial gathering head Ignacio Deschamps said: "Scotiabank is glad to work with the Republic Group and Sagicor - the two forerunners in monetary administrations in the Caribbean who are well situated to contribute and develop these organizations.


"We are satisfied to cooperate with Sagicor to deliver an improved set-up of insurance items and administrations, guaranteed by Sagicor, to our clients and to work with Republic Group, who is focused on delivering upgraded monetary items and administrations that best serve clients' requirements."


Impacted staff of Scotia Jamaica Life Insurance Company and ScotiaLife Trinidad and Tobago will join Sagicor, or a new authorized insurance deals substance that will be set up following this exchange.

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