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Jun 28, 2018

New Developments on Embattled Choice Bank Limited

There are new developments in respect of the embattled Choice Bank Limited.  In a first statement issued today, the financial institution informed its depositors that as of July second, they will be able to withdraw up to twenty-five thousand U.S. dollars from their respective accounts.  The announcement comes after the offshore bank suspended all withdrawals from deposit accounts in April, amid a liquidity crisis.  Choice Bank is in the process of winding down its operations; however, customers will be able to take out as much as seventy-five thousand U.S. dollars by the end of July and, subsequently, one hundred thousand U.S. dollars before the end of August.  Should they wish to close their accounts; customers will be able to do so with full access to their funds by the end of 2018.  The developments are the results of the bank being able to monetize its assets, following a plan which was presented to the Central Bank of Belize and Minister of Finance, Prime Minister Dean Barrow.  While the regulators delayed in approving the plan, the offshore bank’s board of directors, as well as its management, has proceeded with a more conservative strategy to make available those sums of monies in three tranches.  Choice Bank is expected to shutter its business in Belize by year’s end.

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