Alliance Financial Services Limited, AFSL, whose cambio and remittance arm was acquired by Sagicor Group Jamaica, generated US$2.7 million in revenue and profit of US$122,000 over six months ending September.
The disclosure was made to Canadian Securities Administrators by Sagicor Financial Company, the parent for Sagicor Group.
The earnings equated to $32 million in Jamaican currency, a fraction of the profit made by Sagicor Group Jamaica, which numbers in the billions on a quarterly basis.
The Jamaican financial group, which is in the business of insurance, banking, investments, and now cambio and money services, holds assets of $505 billion and made a profit of $10 billion over nine months ending September.
Subsequent to the deal for the AFSL cambio and remittance business in August, another Sagicor Group member company, Sagicor Investments Jamaica Limited, completed the acquisition of the securities dealer book of Alliance Investment Management Limited for a purchase consideration of $21.6 million for the net assets.