Sagicor Financial calls off deal with Scotiabank in Trinidad and Tobago

TORONTO — Sagicor Financial Co. Ltd. says it will not go ahead with its acquisition of ScotiaLife Trinidad and Tobago Ltd.

The company made the decision after it and Scotiabank Trinidad and Tobago Ltd. agreed not to proceed with a 20-year distribution agreement for insurance products in Trinidad and Tobago.

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Sagicor provides financial services in the Caribbean as well as life insurance in the United States.

The announcement follows a decision last year by Sagicor to call off its deal to buy Scotia Jamaica Life Insurance Co. Ltd. following a similar decision regarding a distribution agreement.

Sagicor had announced its plan to buy both operations in November 2018.

Financial terms of the sale were not disclosed at the time, but Scotiabank said that the transactions were not financially material.

This report by The Canadian Press was first published July 2, 2020.

Companies in this story: (TSX:BNS, TSX:SFC)

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