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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