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Announcement coming on potential sale-merger of Scotia, Belize Bank

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Posted: Friday, November 20, 2020. 8:38 am CST.

By BBN Staff: For the past few months, the Central Bank of Belize has been exploring the potential sale of Scotiabank in Belize to Caribbean Investment Holdings Limited, owner/operators of The Belize Bank Limited.

According to News 7 an announcement on the US $35 million deal, which would create the largest bank in Belize by many metrics, is forthcoming, though neither sources in the Government nor the Bank are commenting at this time.

At the time of the sale was first announced, then-Prime Minister and Minister of Finance Dean Barrow made no secret of his unease with the deal, couched as concern for how such a behemoth would be managed. But publicly he deferred to Central Bank Governor Joy Grant and her team to dissect the deal and ensure its worthiness.

We’ll keep following the story – which will have far-reaching impacts on the banking sector.

 

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