Sagicor Group Jamaica has entered into a definitive agreement to purchase Alliance Financial Services, the cambio and remittance arm of Alliance Finance.
The deal to acquire all the company's shares is subject to due diligence and regulatory approval.
Sagicor has started applying for a cambio licence and a remittance licence from the Bank of Jamaica.
Sagicor Group Jamaica President and CEO Christopher Zacca says the acquisition of Alliance Financial Services is aligned to the group's overall strategy for growth.
The deal should also see an attempt at normal operations resuming for employees and agents of Alliance.
Alliance Financial is currently an affiliate of Alliance Finance which pleaded guilty to a number of breaches of the Bank of Jamaica Act and the Banking Services Act.
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