Scotia Bank Sale of Insurance Operation to Sagicor to Result in Cheaper Rates

Scotia Bank says the sale of its insurance operations in two Caribbean countries, is to result in enhanced services at cheaper rates.

In a statement yesterday, Scotia says it’s selling its insurance operations in Jamaica and Trinidad and Tobago to regional insurance giant, Sagicor Financial Corporation.

The Canada-based multinational bank says it also plans to exit nine Caribbean countries.

President and Chief Executive Officer of Scotia Bank Jamaica, David Noel, says the move is a part of a long-term partnership with the insurance firm.

He says the move will help Scotia Bank to use its strength in market distribution to ensure customers pay less for the company’s services.

Meanwhile, Sagicor says it expects the move will increase the company’s net income by USD$30-million.

And, the Trinidad-based Republic Bank, is to acquire Scotia’s banking operations in Anguilla, Antigua and Barbuda, Dominica, Grenada, Guyana, St Kitts & Nevis, St Lucia, St Maarten, and St Vincent & the Grenadines.

A statement from Republic Bank lists the purchase price as USD$123-million.

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Stevian Simmonds is an investigative journalist with almost 3 years of experience in radio broadcasting, production and reporting. She graduated from Caribbean School of Media and Communication in 2014 and joined Nationwide News in 2016. In 2018, she produced a special report examining the working conditions of the Bussiness Process Outsourcing Industry. She worked undercover as a call center agent for a month, revealing the lack of data protection and general security infrastructure in the industry. Her report also highlighted the poor working conditions and remuneration faced by workers in the industry. In 2018, Stevian traveled to New Delhi India where she participated in the Inaugural WHO Partners Forum benefiting from critical training related to reporting on women’s and children’s health issues.


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