Sagicor Group Jamaica Enters Into Agreement To Purchase Alliance Financial Services Limited
Sagicor Group Jamaica (SGJ) today announced that it has entered into a Definitive Agreement for the purchase of 100% of the shares in Alliance Financial Services Limited (AFSL). The deal is subject to due diligence and regulatory approval and SGJ has already commenced the process of applying for a cambio license and a remittance licence from the Bank of Jamaica.
Sagicor Group Jamaica President and CEO, Christopher Zacca stated that “the acquisition of AFSL is aligned to the Group’s overall strategy for growth as it will allow the Company to move into new business segments and expand our product offerings to our clients.” Mr. Zacca further said that “the deal augurs well for Jamaica’s economy, the financial sector, AFSL’s employees, agents, clients, and other stakeholders, as well as the public confidence in the financial market, as it will ensure that the company resumes normal operations as soon as possible. Our commitment to the growth and development of Jamaica and in particular the smooth functioning of the foreign exchange market, which is vital to our economy, is evident in this transaction.”