Prime Minister responds to reports Heritage Bank shares up for sale

Posted: Tuesday, September 26, 2023. 7:52 am CST.

By Breaking Belize News Staff: Prime Minister John Briceño responded to reports that Heritage Bank is looking to move substantial shares on the auction block, saying that details of the potential transaction have not been shared with him but noting that the Government will take a look.

The Prime Minister also noted that such a decision is not made by the Ministry of Finance and instead by the Central Bank. He noted government’s responsibility to ensure that any decision made does not affect the country’s banking sector and that the economy’s 2:1 exchange rate peg remains stable.

He said no such decision would be taken lightly and the government would take a close look. The local banking industry has already seen a shakeup in recent years as Belize Bank bought the assets sold by Scotia Bank, becoming the largest shareholder in the banking industry in Belize.

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