Following recent announcements by Grace Kennedy Limited regarding our agreement to sell Scotia Insurance Caribbean Limited (“SICL”), Scotia Group Jamaica Limited (SGJL) wishes to provide the following information for the benefit of our shareholders, valued customers, and the public: 

On August 30, 2022, Scotiabank reached an agreement to sell Scotia Insurance Caribbean Limited (“SICL”), to GraceKennedy Limited (“GraceKennedy”). This agreement is subject to regulatory approvals and customary closing conditions. 

Scotia Insurance Caribbean Limited (“SICL”) is a creditor insurance underwriting entity that provides services to Scotiabank clients in Barbados, Cayman, Turks & Caicos, Belize and the British Virgin Islands. 

This transaction has no impact on our operations in Jamaica, which includes the customers of Scotia Jamaica Life Insurance Company (Scotia Insurance) and its ultimate parent company, Scotia Group Jamaica Limited (SGJL). 

We continue to invest in Jamaica and the wider Caribbean through the expansion of new products and services in insurance, wealth management and banking, including the roll out of next-generation ATMs, recent upgrades to our digital banking platforms, enhancements to our mobile app and the upcoming launch of our new online platform. 

Scotiabank serves over 1.3 million customers across the Caribbean. We continue to be proud of our 133- year history and commitment to the region and the communities we serve.