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Aug 10, 2015

P.M. Says There’s No Question of Difficulties with Belize as Banking Jurisdiction…

The arrangement between CIBC FirstCaribbean and Heritage Bank is a private transaction brought about largely by the former’s shortfall in recent fiscal cycles.  As such, government is not directly involved in the sale.

 

Reporter

“Is there any cause for concern that a bank that is well financed and has many branches has decided to pull out apart from just the business aspect of it?  Is there any cause for concern apart from that?”

 

Dean Barrow

Prime Minister Dean Barrow

“No, no.  There’s no question of any difficulties with the jurisdiction.  This is clearly their business model not having been able to continue to do as well in changing circumstance where competition is keener than ever before.  So it is unfortunate but I don’t think we should make too much of it.”

 

Mike Rudon

“Sir, has government been asked to or sought to provide any sort of sovereign assistance, any form or fashion of sovereign assistance to Heritage in its purchasing of the assets of FCIB?”

 

Prime Minister Dean Barrow

“No, no.  That’s private commercial banking activity.  It’s a private commercial transaction.  We have not been asked and I don’t expect that we would be.”

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