SAGICOR Group Jamaica (SGJ) on Friday last disclosed that it has completed 100 per cent share acquisition of Alliance Financial Services Limited (AFSL), after having met the Bank of Jamaica’s (BOJ’s) regulatory requirements.
A release from the BOJ confirmed the Sagicor’s takeover of AFSL, noting that, “Under the new ownership structure, AFSL has satisfied the [BOJ’s] due diligence requirements. In that regard, effective 23 March 2022, AFSL is licensed to offer cambio and remittance services at approved locations.”
AFSL is also now fully enabled on the international MoneyGram platform, SGJ said.
As a result, AFSL and its approved subagents were given the green light to resume full cambio and remittance operations as of Monday, April 4, 2022.
Commenting on the completed transaction, SGJ president and CEO Christopher Zacca stated: “This is a significant moment for us at Sagicor as the acquisition of AFSL is aligned to the group’s overall strategy for growth. We are eagerly anticipating the opportunity this presents for us to move into new business segments and expand our product offerings to our clients.”
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