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Sagicor says it’s here to stay

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Financial services giant Sagicor Financial Corporation is reassuring Barbadians and other residents throughout the region and the United States that the company remains committed and its recently proposed deal with Canadian-based Alignvest will not impact on its operations.

This assurance comes a month after the company announced that it had agreed to sell its shares, valued at US$536 million, to the special purpose acquisition firm Alignvest Acquisition II Corporation.

Once this deal is approved, Sagicor will delist from the stock exchanges of Barbados, Trinidad and Tobago and London and list on the Toronto Stock Exchange.

In what seems to be a move to quell concerns, Sagicor said in a news release that it remained committed to creating value for is customers and shareholders.

“While this (transaction) is an important step for Sagicor, it has no impact on any of our operations either in the Caribbean or the United States. Your local executive team will continue to lead the company and your Sagicor policies, contracts, customer service representatives and financial advisors will remain unchanged,” said President and Chief Executive Officer of Sagicor Financial Corporation Ltd Dodridge Miller.

“This transaction will make our already strong competitive position even stronger, as we continue to focus on our objective of being the ‘insurer of choice’ in the regions where we operate. Sagicor remains fully committed to the region and having been your financial partner for over 175 years, we are looking forward to continuing this journey with you,” he added.

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His comments comes two days after a breakfast meeting, which was initially set up for officials of Sagicor and Alignvest to meet with members of the media, did not materialize and instead turned into a press conference about Sagicor’s performance and plans for the Barbados economy.

In the news release Miller said the proposed arrangement between Sagicor and Alignvest would give Sagicor the ability to explore new opportunities and solutions, which would allow the company to provide even greater value to its customers.

“We have already begun to demonstrate this ability, through our recently announced, exclusive partnership with Bank of Nova Scotia, which will allow Scotia’s customers in Jamaica and Trinidad & Tobago to access an enhanced suite of Sagicor products,” said Miller.

We appreciate that these announcements and transactions are often complex, and we are committed to providing as much information as possible to inform you of the merits of our decision. Further to the information available on our website, and subject to judicial approval under the Laws of Bermuda, we currently plan to provide Sagicor shareholders with an Explanatory Statement, in the course of February and we anticipate that a shareholders meeting will be convened by the end of March. Subject to shareholder and regulatory approvals, the transaction is expected to close by the second quarter (Q2) of 2019,” he added.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]