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Jun 24, 2020

Closing the Deal Despite Financial Uncertainty

Glen Ysaguirre

Successfully closing a deal of this magnitude is a challenge in and of itself pre-COVID-19, but doing so at a time when there is financial uncertainty is an undertaking that requires special attention by the Central Bank.  The imminent merger of Scotiabank and the Belize Bank in the months ahead will be followed closely by stakeholders in the financial sector.

 

Glen Ysaguirre, Former Central Bank Governor

“It’s a complicated and difficult transaction to implement, the transition and the withdrawal of one institution and the merger is a very complicated transaction under normal circumstances.  So when you add to that now the whole complication introduced by the COVID pandemic and the global recession, there is some extra attention that has to be paid there and you have to have some concern as to whether or not the regulatory authority being distracted as it is, or preoccupied more than distracted, with dealing with shortages and shocks created by COVID now have to deal with a bank merger in that same environment.  It’s a difficult situation that one would have to hope that special attention is being paid to this and the demands that such a transaction would make on the existing resources of both the institutions that are merging and the oversight authority.”


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