SAGICOR BUYS RBC

Sagicor Group Jamaica has  announced that the company will be acquiring RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively “RBC Jamaica”) from Royal Bank of Canada. The acquisition, subject to all regulatory approvals, is expected to be finalized in the coming months. The purchase price of the agreement is estimated at J$9 Billion.  Richard Byles, President and CEO of Sagicor Group Jamaica, said the move to acquire RBC’s Jamaican operations “provides the opportunity to expand Sagicor’s banking footprint, allowing us to serve our customers better.” Speaking about the acquisition’s impact on customers of both institutions Byles said, “Upon closing, Sagicor intends to provide RBC Jamaica customers with the excellent service and product expertise that they are accustomed to, and looks forward to welcoming them to the Sagicor family.” Suresh Sookoo, CEO of RBC Caribbean. “Sagicor is a well established financial franchise in Jamaica with the size, scale and complementary capabilities that RBC Jamaica does not currently possess