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Nov 29, 2001

Govt. applauds opening of new bank

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It has been operating out of makeshift offices for almost a year, but with the official opening of its new headquarters on Princess Margaret Drive, the Alliance Bank joins its four larger competitors as a major player on the Belizean financial scene. While the public has not yet flocked to the Alliance banner, bank officials made it clear that they are eager to capture the confidence of the Belizean people. One major depositor, who seemed to need no convincing, was the Belize Government.

Prime Minister Said Musa

“We must remain committed to a development agenda founded I believe on two fundamental principles. One, that economic stability is the essential platform for sustained growth. And two, that improving the quality of life of all Belizeans is the essential purpose of this growth. When we remain focussed on these two principles, we all win. Today, as we open the doors of this new young aggressive and dynamic new home, a magnificent building here on Princess Margaret Drive, of this bank, we applaud the Belizean investors who have demonstrated their strong confidence in and commitment to the Belizean people and our nation’s future.”

Leo Vasquez, General Manager, Alliance Bank

“Well we had some people that took to us right away, there are others were a bit reluctant and that’s quite understandable, gradually now they are coming over and I think we’re doing quite well.”

Janelle Chanona

“How are you able to offer the kind of rates you are in terms of interest on savings and even your checking accounts?”

Leo Vasquez

“As we said, when we started, we knew that we weren’t trying to make a lot of money. We were trying to make it more affordable for the Belizean and so we decided that we get a more narrow spread, and we keep our overheads down, we could probably make it and we’ll see how it goes from there.”

The directors of the Alliance Bank of Belize Limited are Glenn Godfrey, Jerry McDermott, Sani Gomez, Eugene Zabaneh and Ricardo Escalante. Major shareholders include Tony Novelo. The new four-storey building is owned by Jim Hyde and leased to the bank.

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