"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 [...]

Scotia says that the agreement is subject to regulatory approval and customary closing conditions.

The article noted that acquisitions would expand the company's existing banking operations in Belize.

In a statement the group said, “The committee looks forward to engaging with the government to exchange views on the economic pressures that may constrain Belize’s [...]

Known as "capitalization of interest payments," if it is accepted it would save Belize some $52 million in payments (US$26 million or $13 million per payment).