Posted: Friday, April 2, 2021. 9:41 am CST.
By Aaron Humes; As of yesterday, Thursday, Scotiabank (Belize) Limited is no more.
It has been renamed Belize Bank Corporation Limited (BBCL) after its original parent, the Bank of Nova Scotia in Canada, sold its operations to Caribbean Investment Holdings Limited (CIHL) – the holding company that owns and operates The Belize Bank Limited.
On Wednesday, the classic Scotiabank sign came down from across its branches nationwide, especially here on Albert Street and in Belama Phase One, to eventually be replaced by BBCL or other trading name signs.
The acquisition was approved by the Central Bank of Belize last November after some controversy, creating the largest banking entity in all of Belize, ahead of rivals Atlantic Bank Limited and Heritage Bank Limited.
It brings to an end Belizean association with Canadian banks, with the Belize Bank itself succeeding Royal Bank of Canada in the 1980s. (Heritage, formerly Alliance, succeeded the old Barclays Bank of London by way of First Caribbean International based in Barbados, while Atlantic’s roots are in Honduras).
For customers, the bank explained that those using mobile or online banking will have to switch over to a BBCL application or website. If you are used to receiving transaction alerts via email or text when using your debit or credit cards, this service will be discontinued. In terms of deposit and loan products, the BBCL will continue with these.
A message sent to customers on the acquisition says that all current Scotia Bank employees will remain with the company and continue to serve customers in Belize.
CIHL contracted with Scotia for a payout of up to thirty point five million U.S. dollars for Scotiabank’s assets which includes shareholder equity of twenty-eight point five million dollars, as well as a premium of one point five million dollars.
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