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Jun 7, 2018

Central Bank Explains Choice Bank ‘Supervision’

Offshore bank Choice Bank located on Marine Parade in Belize City will be closing its operations shortly, but there is concern by some clients.  The Central Bank of Belize has stepped in and issued a statement this evening indicating that as of May eighth, it implemented and is executing various measures under the International Banking Act.  The Central Bank says it wants to ensure that the ailing institution fully satisfies its obligations to depositors and customers and assures that the situation is only limited to Choice Bank and does not affect any other bank operating in Belize. Choice Bank suspended withdrawals from deposit accounts in April due to a liquidity crisis, but this week one international client says she spoke with a third party company which she says was hired by the Bank to close its operations and settle up with customers.

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