Sagicor Group Jamaica declared for the current week that it has finished the acquisition of the securities dealer book of Alliance Investment Management Limited, AIML, by its auxiliary Sagicor Investments Jamaica Limited.
Sagicor let it be known in a media statement said that it had they had followed all regulatory requirements during this process.
This purchase followed on the back of financial troubles Alliance Finance Limited went through starting in December last year 2021 when they were charged by the Bank of Jamaica and Banking services laws for various violations.
Because of the issues of the connected organization, AIML was put under expanded reconnaissance by the protections controller, the Financial Services Commission.
In February this year, the FSC confirmed to the Financial Gleaner that AIML remained a licensed dealer and said the entity “continues to operate with FSC supervision in line with our mandates”.
The previous securing by Sagicor of AFSL had gotten the gift of the financial controller, Bank of Jamaica, which restored the organization’s Cambio and settlement licenses under Sagicor’s new administration.
The Sagicor Group CEO said for this present week that AFSL is currently completely empowered on the worldwide MoneyGram platform.
Sagicor has been capable, through the acquisitions, to make advances into new business lines including settlement and Cambio administrations. A well-known pre-loaded card business worked by Alliance Financial has been moved into the card division of Sagicor’s business banking auxiliary Sagicor Bank.
