Sagicor, RBC deal approved
Sagicor Group Jamaica said Friday that the central bank has approved its $9.5b acquisition of RBC Royal Bank Jamaica.
The acquisition includes the non-trading securities dealer.
Sagicor intends to merge RBC Jamaica and Sagicor Bank Jamaica. The tie-up will vault Sagicor Bank from No. 6 to No. 3 in the commercial banking sector, with combined assets, as last estimated by the Bank of Jamaica, of around $77 billion. FirstCaribbean Jamaica will fall one slot to No 4.
Sagicor Group CEO Richard Byles indicated at his company's annual general meeting on June 3 that he expects the merger to engage his attention for the next two years.
The first year will be used to integrate the technology platforms of the two banks, Byles said in Friday's statement.
The RBC branches will be rebranded as Sagicor Bank.