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PRESS RELEASE
 
DETERMINATION OF MERGER APPLICATION - SAGICOR ASSET MANAGEMENT INC. AND SAGICOR LIFE INC. CIBC FIRSTCARIBBEAN INTERNATIONAL BANK (BARBADOS) LIMITED
 
The Fair Trading Commission (“the Commission”) has approved a transfer of assets from CIBC FirstCaribbean International Bank (FirstCaribbean) to Sagicor Asset Management Inc. and Sagicor Life Inc. (collectively “Sagicor”).
 
On receipt of the of the merger Application in April 2021, the Commission commenced its review of the Application which sought approval for CIBC FirstCaribbean International Bank to transfer all of its clients’ books and records related to investment accounts and registered retirement savings plans, to Sagicor.
 
Following its identification of the relevant product markets in Barbados, the Commission executed a comprehensive competitive analysis which considered the potential impacts of the transaction. Consideration was also given to the number and relative size of the firms in the market and the effect of barriers on new firms seeking to enter each market.
 
Subsequent to this analysis the Commission, pursuant to Section 20(5) of the Fair Competition Act, CAP. 326C, determined that the asset transfer would not lessen competition in the market for investment income and retirement savings managed by an investment management institution in Barbados.
 
 
 
 
Dated this 16th day of June 2022 
 
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