Sagicor Group Jamaica Completes Purchase of AFSL, Cambio & Remittance Operations to Restart

• Sagicor Group Jamaica (SGJ) announced on Friday, April 1^st, that it has completed the purchase of 100% of the shares in Alliance Financial Services Limited (AFSL) having satisfactorily completed all due diligence and regulatory requirements. 
• AFSL is now licensed to offer cambio and remittance services at approved locations, and as such, it and its approved sub-agents have resumed full Cambio and Remittance operations as of Monday, April 4th. 
• The acquisition of AFSL is aligned with the Group’s overall strategy for growth, and will present opportunities for the company to move into new business segments and expand its product offerings to clients. 
• This acquisition is expected to be a significant earnings driver as AFSL was a significant player in the remittance market before the BOJ suspended its license back in December 2021.

(Source: JSE and NCBCM Research)