Posted: Tuesday, August 20, 2019. 1:22 pm CST.
By BBN Staff: A little known but fast growing bank based in San Pedro, Belize, aptly named Caye International Bank, has been riding a wave of growth and expansion into the sector, highlighted by a recent visit to meet with correspondent banking counterparts in Iowa, USA. Belize’s banking sector has been mired in problems widely affecting regional services for the last few years, including a wave of “de-risking” of services to local institutions by financial counterparts, particularly in the US, however, Caye International maintains one of the country’s few standing correspondent banking relationships.
A team of the bank’s senior management and board of directors led the delegation to Council Bluffs, Iowa in late July to meet with counterparts at Treynor State Bank, according to a recent report from the San Pedro Sun. The visit included meetings centered on administrative and operational matters as well as a visit to a nearby Ethanol plant, one of the largest such facilities in the US converting corn into fuel.
“The people of Iowa and Belize share the same traits for friendliness and hospitality…They just couldn’t do enough to make us feel at home and the opportunity for Caye Bank’s ability to continue growing and expanding its services will be meaningfully impacted by the trip,’’ Chairman Joel Nagel said in a quote to the Sun.
“Although Caye International Bank has remained in good standing, many Belizean banks and financial institutions have come under US and European pressure and have even been cut off from the global financial community. In the current financial climate, it is more important than ever to cultivate business and personal relationships between banks in Belize and those abroad. It is important for us to share our business goals and vision and to ensure that our counterparts know that our clients have been well vetted and operate within acceptable norms in Belize, the United States, and the other parts of the world where they conduct their business,” he added.
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