Stock market action - Sagicor sold! AND - Republic acquires Scotiabank's operations in nine Caribbean countries!

[rebound]

Correct

[pugboy]

Sagicor share price was $7
Now they gonna buyout at $10.5

[snatman]

5-6 years ago Sagicor traded at $20.

Sorry for those who bought then!

Sagicor share price was $7
Now they gonna buyout at $10.5

[pugboy]

It already gone to $8 today,
if anybody knew of sale prior they coulda do some insider bobol and buy at the $7 and hold for sale at the $10.5

5-6 years ago Sagicor traded at $20.

Sorry for those who bought then!

Sagicor share price was $7
Now they gonna buyout at $10.5

[bluefete]

Word on the street is that Sagicor is getting both Clico and Petrotrin (allegedly) because Guardian does not want them. Remember JMMB is poised to take over Guardian.

Also Lok Jack and Ahamad families are key shareholders in Sagicor and Guardian.

But me eh know, nah.

It would be interesting to find out who is the mystery buyer of Clico's insurance operations!!

I'm hearing all kinda names - Massy, NCBFG, ANSA, Sagicor... none of the above....

So this company was formed last year apparently for the purpose of acquiring Sagicor and Scotia's insurance business?

Are they also the mystery buyers of CLICO's insurance portfolio??? Hmmmmmmmm....

Alignvest was registered last year in Canada.....sounds sort of Bridgemanesque eh...

[Syberfraggle]

All this sounds terrifying...?? I dunno... I'm not educated in such things...point is what does this mean for the average Scotia customer/vehicle loan/mortgage home owner...pressure for we?

[matr1x]

Hmmmm.....get out the grease Trinidad

[The_Honourable]

All this sounds terrifying...?? I dunno... I'm not educated in such things...point is what does this mean for the average Scotia customer/vehicle loan/mortgage home owner...pressure for we?

If you are invested in Scotialife and Sagicor, yes you have to worry especially if no proper details are coming out. If you have holdings in any of the 9 countries that Scotiabank is located in, yes there is concern but i doubt you will loose anything.

Other than to that, rest of T&T is not affected BUT we have some insight now that the Caribbean market for investment has been weakening for a long time.

[snatman]

Sagicor’s group chief operating officer Ravi Rambarran: “It’s not an entity that has offices, staff, administrative operations and all that...." well this breeds confidence
sauce

The company formed for this aquisition is Alignvest Acquisition Corp II....which shows no operations before this.

[neilsingh100]

With SFC off the market the next most attractive in terms of valuations looking like Massy

[88sins]

real life Umbrella Corporation in the making fellas, watch & wait & see

[snatman]

With SFC off the market the next most attractive in terms of valuations looking like Massy

yup, but for the medium-long term, RFHL + NCBFG look to be winners

[neilsingh100]

With SFC off the market the next most attractive in terms of valuations looking like Massy

yup, but for the medium-long term, RFHL + NCBFG look to be winners

RFHL if they get regulatory approval in Guyana not sure about the long term profitability of the acquired SB assets in the other countries.

[snatman]

Their operations in Ghana and Caymans should not be ignored!

With SFC off the market the next most attractive in terms of valuations looking like Massy

yup, but for the medium-long term, RFHL + NCBFG look to be winners

RFHL if they get regulatory approval in Guyana not sure about the long term profitability of the acquired SB assets in the other countries.

[Dizzy28]

Scotia was one of the underwriters of the IPO for Alignvest's SPAC that purchased Sagicor.
Interesting

[sMASH]

shell company?

[snatman]

Comess.

First GHL/NCBFG now this. Real confidence building.

Acquisition postponed

to allow Alignvest Acquisition II Corporation (“Alignvest”) and the Company more time to market the proposed transaction to be considered by Shareholders and to afford time for investors and Shareholders to understand the publicly available information.

[pugboy]

made some pocket change doing quick buy and sell with the sagicor
wish I had done more

[Infamouz]

Now you getting USD for your Sagicor shares !

[pugboy]

only up to 10000 shares if you owned them before the cutoff date which was sometime in dec I think
the balance of shares would end up on toronto stock exchange and you would get a canadian dividend check if so

[Infamouz]

I GT Normal was a good way to get USD easy! TT Has no gain..

[D Diesel Report]

Yeh, we voted a resounding yes to buy out Sagicor. Time for some good changes to take place now

[agent007]

Just thought I would share these links first so that we have a proper timeline to work with:

Mittal walks away from IBL to make way for JMMB ownership (7/10/13):
https://www.guardian.co.tt/article-6.2. ... e2b66f5f39

Scotiabank announces plans to close 35 branches in the Caribbean (5/11/14):
http://www.jamaicaobserver.com/news/Sco ... -Caribbean

RBL to acquire banking assets in EC and Guyana (27/11/18):
https://newsday.co.tt/2018/11/27/republ ... or-us123m/

Canada’s Alignvest to take over Sagicor and Sagicor to take over ScotiaLife (27/11/18):
https://www.spglobal.com/marketintellig ... gt5xwp2nw2

NCB Jamaica takes over Guardian Group (13/5/19):
https://www.guardian.co.tt/article-6.2. ... e2b66f5f39

Guyana blocks RBL buyout of the Scotiabank branches in their country (25/9/19):
https://www.stabroeknews.com/2019/09/25 ... cotiabank/

RBL buys out some Scotiabank operations in the Caribbean (1/11/19):
https://www.stabroeknews.com/2019/11/01 ... f-seven-sc

JMMB ended up with a Sagicor stake instead (12/12/19):
https://newsday.co.tt/2019/12/12/jmmb-b ... for-us332m

RBC’s exit strategy (13/12/19):
https://ewnews.com/canadian-banks-carib ... n-sell-off

Sagicor calls off deal with Scotiabank (2/7/20):
https://www.investmentexecutive.com/new ... nd-tobago/

Even CIBC wanted to bail out (3/2/21):
https://financialpost.com/news/fp-stree ... eject-deal

Changes to the banking system continues with ANSA Merchant acquiring Bank of Baroda (1/3/21):
https://www.looptt.com/content/ansa-mer ... operations

Scotiabank announces sale of branches in Guyana to FCB (3/3/21):
https://newsroom.gy/2021/03/03/scotiaba ... in-guyana/

[The_Honourable]

Just thought I would share these links first so that we have a proper timeline to work with:

Add this to your list... fresh off the press in Guyana

Scotiabank announces sale of operations to Trinidad-based bank
-subject to regulatory approval



Scotiabank announced today that it has reached an agreement for the sale of its banking operations in Guyana to First Citizens Bank Limited (“First Citizens”). The agreement is subject to regulatory approval and customary closing conditions, a release from the bank said.

“This transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers. Scotiabank’s current operations in Guyana encompass four branches and approximately 180 employees. Following closing, all employees will continue to support the business.

“First Citizens is one of the leading financial services groups in the English-speaking Caribbean. Headquartered in Trinidad and Tobago, First Citizens offers a full range of retail, corporate and investment banking services as well as wealth management, trustee and brokerage services to clients through its operations in Barbados, Costa Rica, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago. The transaction supports First Citizens strategic growth across the region and leverages its strengths in innovation and excellence to the benefit of all stakeholders.

“Until regulatory approvals are obtained and the transaction closes, Scotiabank’s operations in Guyana will continue as usual. First Citizens and Scotiabank will work together to facilitate a smooth transition for the business”, the release said.

Source: https://www.stabroeknews.com/2021/03/03 ... ased-bank/

[sMASH]

scotia bank just upgraded their atms. thing moving good. i accustomed to the online system.
to have to migrate to first citizens if scotia pull out from here, would be somewhat annoying.

[DMan7]

It's all going to hell in a handbasket isn't it?

[88sins]

So, lemme see if I get this right.
RBL wanted to take over BNS ops in Guyana, but get blocked, and now a year or so later they want to turn it over to FCB, a somewhat smaller/weaker institution than RBL.
Anyone else get the feeling something smells like a dead rat about this?

[snatman]

So, lemme see if I get this right.
RBL wanted to take over BNS ops in Guyana, but get blocked, and now a year or so later they want to turn it over to FCB, a somewhat smaller/weaker institution than RBL.
Anyone else get the feeling something smells like a dead rat about this?

That was because RBL is already Guyana's largest bank. So they were blocked to prevent a monopoly.

meanwhile back at the ranch:

However, the announcement was met with some bewilderment by Guyana’s Senior Minister with the responsibility for Finance Ashni Singh, who described the announcement as premature.

“It has just been brought to my notice that a press release was issued just a few minutes ago announcing the sale of the operations of Scotiabank Guyana to a Regional Bank, a Trinidadian Bank in particular. I wish to say that the government of Guyana considers it extremely unfortunate,” said Minister Singh, who explained that under Section 12 of Guyana’s Financial Institutions act such a sale would require the approval of the Bank of Guyana.

[Redman]

scotia bank just upgraded their atms. thing moving good. i accustomed to the online system.
to have to migrate to first citizens if scotia pull out from here, would be somewhat annoying.

Keep your eye on Baroda.

Ansa is going to be upgrading their service offerings.

[Redman]

Can some one provide me with a definitive list of crosslisted securities.... specific to stocks that trade in TnT and another jurisdiction.

Annual volume would be a great help too