Sagicor Financial Corporation Limited along with Alignvest Acquisition II Corporation (TSX:AQY.A) cancelled the agreement to acquire ScotiaLife Trinidad and Tobago Limited from Scotiabank Trinidad and Tobago Limited.
July 01, 2020
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Sagicor Financial Corporation Limited (TTSE:SFC) along with Alignvest Acquisition II Corporation (TSX:AQY.A) entered into an agreement to acquire ScotiaLife Trinidad and Tobago Limited from Scotiabank Trinidad and Tobago Limited (TTSE:SBTT) for $96 million on November 27, 2018. The transaction is still subject to the closing date excess capital of ScotiaLife Trinidad and Tobago Limited. In a related transaction, Alignvest will acquire Sagicor. Employees of ScotiaLife Trinidad and Tobago Limited will join Sagicor or a new licensed insurance sales entity that will be created as a result of this transaction. The board of directors of ScotiaLife Trinidad and Tobago Limited has approved the transaction. The transaction is subject to regulatory approval and certain conditions being met. The transaction is also subject to the closing of the announced transaction whereby Sagicor will be acquired by Alignvest. Closing of the Transaction is expected to occur in the fourth calendar quarter of 2019. Closing of the transaction is expected to occur in 2020. Scotiabank's common equity tier one capital ratio will increase by approximately 10 basis points on closing. Paul Hastings LLP and Blake, Cassels & Graydon LLP acted as legal advisors, whereas J.P. Morgan Securities LLC acted as financial advisor to Sagicor. Stikeman Elliott LLP and Dorsey & Whitney LLP acted as legal advisors, however RBC Capital Markets Inc., acted as financial advisor to Alignvest. The Bank of Nova Scotia acted as financial advisor, whereas Blake, Cassels & Graydon LLP acted as legal advisor to Scotiabank Trinidad and Tobago Limited.
Sagicor Financial Corporation Limited (TTSE:SFC) along with Alignvest Acquisition II Corporation (TSX:AQY.A) cancelled the agreement to acquire ScotiaLife Trinidad and Tobago Limited from Scotiabank Trinidad and Tobago Limited (TTSE:SBTT) on July 2, 2020. Sagicor and Scotiabank Trinidad & Tobago Limited have mutually agreed not to proceed with the 20-year distribution agreement for insurance products and solutions in Trinidad & Tobago. As a result, Sagicor will not proceed with the acquisition of ScotiaLife Trinidad and Tobago Limited.
Scotiabank Trinidad and Tobago Limited offers a range of banking and financial services. The Companyâs segments include Retail, Corporate & Commercial, Asset Management, Insurance Services and Other. The Retail, Corporate & Commercial segment includes the provision of loans, deposits, trade financing and other financial services to businesses and individuals. Other segment includes the functions of a centralized treasury unit and other centralized services. Its banking and investing includes chequing accounts, savings accounts and investing. Its financing products include working capital, term financing, risk management, structured finance and investment banking. Its cash management services, such as account management services, payable services, receivable services, and merchant services. Its merchant services include Scotia eCom+, credit and debit card processing and cash management devices. Its international trade service includes domestic and cross-border trade finance solutions.
Sagicor Financial Corporation Limited along with Alignvest Acquisition II Corporation (TSX: AQY.A) cancelled the agreement to acquire ScotiaLife Trinidad and Tobago Limited from Scotiabank Trinidad and Tobago Limited.
SCOTIABANK TRINIDAD AND TOBAGO LIMITED 
