Scotia Bank (BNS) is selling its life insurance operations in Jamaica and Trinidad and Tobago to Sagicor Finance Corporation.
Sagicor Jamaica is a subsidiary of Sagicor Finance Corporation.
David Noel, president and CEO of Scotia Bank Jamaica told a local radio station today that the transaction would result in increased value to its clients. He said Sagicor would be able to provide improved products and services to the clients.
At the same time Bank of Nova Scotia (BNS), based in Canada is selling its banking operations in nine Caribbean territories, not including Jamaica and Trinidad and Tobago.
Republic Bank of Trinidad and Tobago is buying the operations in the nine Caribbean territories.
Scotiabank said the sale is part of its strategy to focus the Bank’s efforts on its core markets with significant scale. Scotiabank Jamaica and Scotiabank Trinidad & Tobago have entered into agreements to sell their respective subsidiaries: Scotia Jamaica Life Insurance Company and Scotia Life Trinidad and Tobago Limited to Sagicor.
Scotiabank said the insurance and the banking transactions in the nine non-core markets are not financially material to the company.
Scotiabank Jamaica and Scotiabank Trinidad & Tobago announced that they will enter into a 20-year distribution agreement with Sagicor through which an enhanced suite of insurance products and solutions, underwritten by Sagicor, will be offered to Scotiabank customers in Jamaica and Trinidad & Tobago.