Sagicor Group Jamaica Limited (Sagicor) has advised that Sagicor entered into an agreement with RBC Financial (Caribbean) Limited and RBTT Finance Limited to acquire all of the ordinary shares of Royal International Holdings (St. Lucia) Limited, a St. Lucia company. Royal International Holdings (St. Lucia) Limited is: (a) The direct holder of 100% of the issued and outstanding shares of RBC Royal Bank (Jamaica) Limited (a Bank of Jamaica – licensed commercial banking operation) and (b) The indirect holder of 80% of the issued and outstanding shares of RBTT Securities Jamaica Limited, which is a subsidiary of RBC Royal Bank Jamaica Limited. The remaining 20% of the issued and outstanding shares of RBTT Securities Jamaica Limited are owned by RBC Financial (Caribbean) Limited, which shares are also being acquired by Sagicor pursuant to the same agreement. RBTT Securities Jamaica Limited is an FSC-licensed securities dealer.
As a pre-completion event, certain loan facilities have been, or will be prior to completion, assigned by RBC Royal Bank (Jamaica) Limited to an affiliated entity, and will not form part of RBC Royal Bank (Jamaica) Limited’s assets on completion. As the transaction will result in a change of control of RBC Royal Bank (Jamaica) Limited, the acquisition is subject to regulatory approvals and upon completion of the sale of shares to Sagicor, RBC Royal Bank (Jamaica) Limited will remain a licensed entity, regulated by the Bank of Jamaica, whose ultimate parent will be Sagicor Group Jamaica Limited.
