Buoyed by strong third quarter results, Sagicor Jamaica President Chris Zacca is boasting that the local financial conglomerate has not had any capital flight, even with growing concerns about asset quality in the financial sector.
Arguing that many assets in the local financial sector have taken a hit because of COVID-19, Zacca conceded that Sagicor has not been spared but was quick to point out its asset quality is “in great shape”.
“We have had no flight [of capital] to safety as most other financial companies are doing,” Zacca told the Jamaica Observer in an exclusive interview looking at the company’s just-released September quarter financials.
He pointed out that the biggest hit on assets came from Sagicor’s investments in the tourism sector, which is slowly returning from full closure in April with most of the company’s properties now open and bookings on the rise.
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