Following recent announcements by GraceKennedy Limited regarding an agreement for the sale of Scotia Insurance Caribbean Limited (SICL, Scotia Group Jamaica Limited (SGJL) has sought to provide clarity for its shareholders, customers, and the public.

In a statement today (August 31), Scotiabank said it yesterday reached an agreement to sell SICL to GraceKennedy and that the agreement was subject to regulatory approvals and customary closing conditions.  

SICL, Scotiabank said, is a creditor insurance underwriting entity that provides services to Scotiabank clients in Barbados, Cayman, Turks & Caicos, Belize and the British Virgin Islands.

“This transaction has no impact on our operations in Jamaica, which includes the customers of Scotia Jamaica Life Insurance Company (Scotia Insurance) and its ultimate parent company, Scotia Group Jamaica Limited (SGJL),” Scotiabank added.

“We continue to invest in Jamaica and the wider Caribbean through the expansion of new products and services in insurance, wealth management and banking, including the roll out of next-generation ATMs, recent upgrades to our digital banking platforms, enhancements to our mobile app and the upcoming launch of our new online platform.”

Scotiabank serves more than 1.3 million customers across the Caribbean and has a 133-year history in the region.