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Sagicor Bank posted loss of $470 million in 2014

Sagicor Jamaica is reporting that its commercial banking subsidiary, Sagicor Bank, last year posted a loss of  $470 million.

The bank had made a profit of $320 million dollars in 2013.

There were a number of  exceptional expense items in 2014, the bank explained, including redundancy charges, retirement benefits, equalisation costs, as well as re-branding and occupancy-related costs.

Sagicor Group announced in January, 2014 that it would acquire RBC Bank (a subsidiary of Royal Bank of Canada) and merge its operations with its own Sagicor Bank, a process that it said would take the better part of two years to complete.

The bank is now expecting significant improvement in operations this year, based on its reduced cost profile, revenue strategies and synergies with the wider Sagicor Group.



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