Saturday 28 November, 2020

Scotiabank T&T, Sagicor Financial call off deal

Pictured: Scotiabank along Indepedence Square, Port-of-Spain. Photo by Alina Doodnath.

Pictured: Scotiabank along Indepedence Square, Port-of-Spain. Photo by Alina Doodnath.

Sagicor Financial will not go ahead with its acquisition of ScotiaLife Trinidad and Tobago Limited.

This as Scotiabank Trinidad and Tobago and Sagicor will not proceed with a 20-year distribution agreement for insurance products and solutions in Trinidad and Tobago.

Scotiabank on Thursday said the decision was mutually agreed upon.

The announcement follows a decision by Sagicor in 2019 to call off its deal to buy Scotia Jamaica Life Insurance Company Limited after a similar arrangement concerning a distribution agreement.

Sagicor in November 2018 had announced plans to purchase both operations.

While financial terms of the sale were not disclosed at the time, Scotiabank said the transactions were not financially material.

Sagicor offers financial services across the Caribbean and life insurance in the United States.

Scotiabank restated its commitment to providing high-quality insurance solutions to its customers through ScotiaLife Trinidad & Tobago Limited.

It said this will be supported by ongoing investments in insurance systems, new products and digital solutions to help its customers with all their protection needs.

Scotiabank added that it will continue to solidify its position as the relationship bank of Trinidad and Tobago, building on digital advancements made over the last five years.

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