Scotiabank has reached an agreement to sell its banking operations in nine Caribbean countries to competitor Republic Financial Holdings Ltd for US$123 million. (GP)
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A MAJOR SLICE of the Caribbean’s financial sector will be reshaped in a series of related deals worth more than US$656 million.
Sagicor Financial Corporation has entered an agreement with Canadian entity Alignvest Acquisition II Corporation where Alignvest will acquire Sagicor for US$536 million (BDS$1.072 billion).
Alignvest is a special purpose acquisition corporation, listed on the Toronto Stock Exchange, and has no current operations. Sagicor will be its only acquisition.
The two will then buy Scotiabank’s life insurance operations in Jamaica and in Trinidad and Tobago, and “enter into a 20-year exclusive agreement where Sagicor will provide insurance