TORONTO, Nov. 27, 2018 /CNW/ – Scotiabank today announced agreements with respect to certain of its Caribbean operations, as part of its strategy to focus the Bank’s efforts on its core markets with significant scale.
As part of this strategy, Scotiabank’s subsidiaries in Jamaica (Scotia Group Jamaica Limited, “Scotiabank Jamaica”) and Trinidad & Tobago (Scotiabank Trinidad & Tobago Limited, “Scotiabank Trinidad & Tobago”) announced that they will enter into a 20-year distribution agreement with Sagicor Financial Corporation Limited (“Sagicor”) through which an enhanced suite of market-leading insurance products and solutions, underwritten by Sagicor, will be offered to Scotiabank customers in Jamaica and Trinidad and Tobago. As part of this partnership, Scotiabank Jamaica and Scotiabank Trinidad & Tobago have entered into agreements to sell their respective insurance subsidiaries: Scotia Jamaica Life Insurance Company and ScotiaLife Trinidad and Tobago Limited to Sagicor.
These agreements are subject to regulatory approval and customary closing conditions. The transaction is also subject to the closing of the announced transaction whereby Sagicor will be acquired by Alignvest Acquisition II Corporation subject to conditions in and pursuant to a plan of arrangement and the surviving entity will continue the Sagicor brand and be publicly-listed on the Toronto Stock Exchange.
Scotiabank has also entered into an agreement to sell its banking operations in 9 non-core markets in the Caribbean (Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts and Nevis, Saint Lucia, St. Maarten, St. Vincent and the Grenadines) to Republic Financial Holdings Limited (“RFHL”). The agreement is subject to regulatory approvals and customary closing conditions.