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Sagicor Bank triples capital base on RBC purchase

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Sagicor Bank Jamaica (SBJ) nearly tripled its capital base with the acquisition of RBC Bank Jamaica.

The commercial bank — now the third largest in the country by assets — had $13 billion in equity at the end of June, according to latest Bank of Jamaica (BOJ) data. The capital base stood at $4.8 billion three months prior.

CIBC FirstCaribbean International Bank (Jamaica) had $970 million more equity than SBJ as at June 30, but Sagicor’s commercial bank jumped from sixth to fourth in terms of equity.

However, SBJ had $15 billion more assets and $19 billion more customer deposits that CIBC’s Jamaican operations.

National Commercial Bank of Jamaica (NCB) leads the market in terms of assets, capital and loan portfolio, followed by Bank of Nova Scotia for all three measures.

Published in the Jamaica Observer
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