Thu | Aug 16, 2018

Sagicor Bank network reduced to 15 branches post-merger

Published:Friday | September 25, 2015 | 12:00 AM
The Sagicor Knutsford branch, which operated from the Sagicor Bank Building seen here at its renaming in December 2012, will be merged with Sagicor Dominica Drive on October 5, 2015.

Following its merger with RBC Royal Bank Jamaica last year, Sagicor Bank has consolidated three branch locations with others, and is working on a fourth, which will downsize the network

to 15.

On October 5, Sagicor will lock down its Knutsford Boulevard branch, whose operations is being coupled with that of the Dominica Drive branch in New Kingston, the company said.

Sagicor Bank Jamaica previously had its headquarters at Knutsford Boulevard, but adopted the larger Dominica Drive building as its new corporate base at the consummation of the merger with RBC Jamaica in June 2014, then creating a 19-branch operation, Sagicor said.

Parent company Sagicor Group Jamaica said in its 2014 annual report that US$10.5 million had been spent on integration, restructuring and rebranding since the acquisition of RBC.

Places where branches have already merged include Savanna-la-Mar, where the bank is now located in Hendon Mall on Great George's Street; Mandeville, where the branch now operates from Ward Avenue; and Ocho Rios, where Sagicor Bank operates out of the Eight Rivers Shopping Centre.

Sagicor Group spent $9 billion on the acquisition of RBC. It was noted in the annual report that after determining the fair value of acquired assets and liabilities of the business, the group recorded negative goodwill on acquisition of US$29.1 million ($3.3 billion).