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Belize Banking Industry is Stable

Saturday, April 25th, 2015. BMG: Two days ago, we reported that on May 1st 2015, the Belize Bank Duty Free Branch in Northern Belize will close down. While many investors in the north have not been provided with a reason of the abrupt closure, the financial institution is once again on the spotlight.BB INtl

According to reports, the Belize Bank will be losing its correspondent banking relationship with the Bank of America on April 30th 2015 which means that the bank will no longer be able to make international wire transfers and bank drafts.

Yesterday the Central Bank of Belize issued a press release that confirmed that indeed Belize Bank and Belize Bank international are losing their correspondent banking relationships.

The press release also confirmbbed that Scotiabank, Atlantic Bank, First Caribbean Bank and Heritage Bank have not been affected. The release also stated that Belize Bank will continue to offer credit card services and is in the process of seeking new ties with other foreign correspondent institutions.

 

Lyndon Guiseppi, CEO of the BCB Group told the media yesterday that Belize Bank will have a new correspondent banking relationship in three months.

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