Tuesday, June 17, 2014

BOJ approves sale agreement for Sagicor Group Jamaica to acquire RBC Jamaica

Sagicor Group Jamaica today announced that its acquisition of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively "RBC Jamaica") have been approved by the Regulators.

Earlier this year Sagicor Group Jamaica Limited announced that it had entered into an agreement with Royal Bank of Canada to purchase its Jamaican operations. The acquisition was said then to be subject to all regulatory approvals. The deal will now put Sagicor Bank among the top three commercial banks in the island.

Richard O. Byles, President & CEO of Sagicor Group Jamaica, indicated then that "The acquisition of RBC Jamaica is an important step in fulfilling our vision to build out a commercial bank that is based on customer satisfaction and convenience. This allows us the opportunity to have a substantial distribution network and to provide value added services to our clients through more branches and ABM locations island wide." "

Byles went on to say that "All RBC Jamaica branches will be rebranded to Sagicor Bank Jamaica and our Teams at Sagicor Bank and RBC Jamaica will be working closely together to ensure a smooth transition for all our new and existing customers. Over the next 12 months, we will be working to integrate our Technology Platforms so that customers will be able to bank at any of our branch locations. In the interim, we encourage you to continue to bank at your current branch, as there is no change to your banking arrangements."

Sagicor Group Jamaica is a financial services conglomerate with business in Jamaica, Cayman Islands and Costa Rica. The Group offers products and services in the areas of Banking, Insurance, Investments, Real Estate, Asset Management and Retirement Planning. Sagicor Life Jamaica Limited is the leading Life and Health insurance provider in Jamaica. The Company commenced operations in 1970 as Life of Jamaica Limited, the first locally owned life insurance company and the first life insurance company to be listed on the JSE. Sagicor Group Jamaica is a member of the wider Sagicor Financial Corporation. Sagicor Financial Corporation operates in over 20 countries and its operations date back to 1840.  

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