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Port-of-Spain, Trinidad: Tuesday November 27, 2018 – Today, Republic Financial Holdings Limited (RFHL) announced that it has entered into an agreement to acquire Scotiabank’s banking operations in Guyana, St. Maarten and the Eastern Caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. The purchase price is USD 123 million, which represents USD 25 million consideration for total shareholding of Scotiabank Anguilla Limited; and a premium of USD 98 million over net asset value for operations in the remaining eight (8) countries. This price does not include any amounts required to capitalize the branches post-closing. The agreement, executed on November 27, 2018 signalled the commencement of a transaction that is subject to all regulatory and other customary approvals and conditions.
Sagicor Financial Corporation Limited (“Sagicor”), which is listed on the Barbados, Trinidad & Tobago and London Stock Exchanges, announced today that it has entered into a definitive arrangement agreement (“Arrangement Agreement”) with Alignvest Acquisition II Corporation (“Alignvest”, TSX:AQY.A, AQY.WT) pursuant to which Alignvest will acquire all the shares of Sagicor by way of a scheme of arrangement under the laws of Bermuda, where Sagicor is incorporated, at a price of US$1.75 per share (such resulting entity, “New Sagicor”) with an aggregate value of approximately US $536 million. Alignvest is a special purpose acquisition corporation that listed on the Toronto Stock Exchange in May 2017 and raised, or received subscriptions for, an aggregate of C$565 million. Alignvest has no current operations and this proposed business combination with Sagicor is intended to be its sole and only qualifying acquisition. Once regulatory approval is received, Sagicor will be listed on the Toronto Stock Exchange (TSX); consequently Sagicor will delist from the Barbados Stock Exchange, the Trinidad and Tobago Stock Exchange and the London Stock Exchange.
hydroep wrote:Whey boi...power being concentrated in the hands of a few.
Fee increases, job cuts to follow?
agent007 wrote:Not entirely accurate. Some staff of SBTT knew to some extent of some strategic changes taking place within the region. It is safer to say that the majority of staff at RHL did not know their Group would be expanding.
RBC and Scotiabank are de-risking and this is a measure of concern for me. There has to be a reason why they opted to even give up on Guyana which has excellent growth potential for any organization.
Lastly, wrt Sagicor, I'm not surprised this happened. There was a recent government change and their economy is considered just above junk status by S&P and Moody's.
neilsingh100 wrote:T&T Government is the majority shareholder in Republic after shares were transferred from Clico.
agent007 wrote:Well dizzy, perhaps you are aware of the 2nd part of the news circulating internally then? It's confidential I understand, so I couldn't post it. But maybe you can if you want..edit**btw an Assistant Manager A70-A73 is no position really so I'm not surprised she is not in the know.**
snatman wrote:It would be interesting to find out who is the mystery buyer of Clico's insurance operations!!
I'm hearing all kinda names - Massy, NCBFG, ANSA, Sagicor... none of the above....
Bank of Nova Scotia’s retreat from parts of the Caribbean marks a turnabout for a Canadian lender initially drawn to the region 129 years ago by the thriving trade in rum, sugar and fish.
Scotiabank agreed to sell its banking operations in nine of the 21 Caribbean markets it operates in -- Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Maarten, St. Vincent & the Grenadines -- to Republic Financial Holdings Ltd. Terms weren’t disclosed. The bank is also selling insurance operations in Jamaica and Trinidad & Tobago in a deal involving Sagicor Financial Corp. The moves come as the bank focuses on “core markets with significant scale,” the Toronto-based lender said in a statement.
The Caribbean has attracted Canada’s lenders for more than 100 years, with Royal Bank of Canada and Canadian Imperial Bank of Commerce following after Scotiabank, whose Caribbean foray began with an office in Kingston, Jamaica, in 1889. That was eight years before the lender opened a branch in Toronto. Scotiabank, Royal Bank and CIBC today remain the dominant foreign lenders in the region.
Canadians will get a new connection to the Caribbean following Scotiabank’s insurance transaction. Sagicor, based in Barbados and listed in London, also struck a 20-year insurance-distribution deal with Scotiabank and agreed to be bought by Toronto-based Alignvest Acquisition II Corp. The surviving entity will continue the Sagicor brand and will be publicly listed on the Toronto Stock Exchange.
88sins wrote:RBL planning this move awhile now, almost a year, remember, they took over another bank in the region just this year.
rbl pushing hard to develop their assets & acquire others for years now, the plan being to become THE dominant financial institution in the region.
That sagicor sale don't surprise me much tho, I heard revenues from insurance sales dropped quite a bit in recent years, that coupled with investments not yielding as much as they used to & expenses & claims keep going upwards, the sale was coming sooner or later.
rebound wrote:Alignvest was registered last year in Canada.....sounds sort of Bridgemanesque eh...
snatman wrote:So this company was formed last year apparently for the purpose of acquiring Sagicor and Scotia's insurance business?
Are they also the mystery buyers of CLICO's insurance portfolio??? Hmmmmmmmm....rebound wrote:Alignvest was registered last year in Canada.....sounds sort of Bridgemanesque eh...
rebound wrote:The company formed for this aquisition is Alignvest Acquisition Corp II....which shows no operations before this.
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