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Central Bank commits to smooth transition of Scotia Bank to Ashcroft Group

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Posted: Monday, June 22, 2020. 1:58 pm CST.

By BBN Staff: The Governor of the Central Bank of Belize, Joy Grant, in a rare pre-recorded video statement addressed the acquisition of Scotia Bank by the Caribbean Investment Holdings Limited (CIHL), the parent company of the Belize Bank owned by Michael Ashcroft, assuring a smooth transition with facilitation from the Central Bank as regulators of Belize’s financial sector with a mandate to protect the country’s dollar.

“This agreement will in effect represent an eventual merger of these two domestic banking institutions,” Grant said. According to Grant, Scotia confirmed that CIHL has committed to keeping on current staff for a period of up to a year after closing the transaction.

The Central Bank is undertaking a detailed legal, technical and operational review of this purchase agreement, the Governor explained. Both parties have tendered assurances that Scotia Bank’s customers, employees, and its financial footprint in Belize will be protected. The acquisition process will not change the way people use or access their accounts while the Central Bank works expeditiously to complete the acquisition review, Grant said.

“This significant investment and expansion by the Belize Bank represents a bold expression of confidence in the long term potential of our economy, such faith is praiseworthy particularly during this period of economic crisis,” Grant said.

 

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