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Aug 17, 2020

Where are We with the Proposed Sale of Scotiabank Belize?

The sale of Scotiabank Belize to Caribbean International Holdings Limited, the parent company of Belize Bank, is still being finalized by the Central Bank. The Central Bank is pouring over details of the proposed transaction to ensure that proper due diligence was done by both parties.  On Friday, Prime Minister Dean Barrow gave a brief update on the process. Now the Bank has on the market for a long time but according to the PM, if the agreement does not materialize there are other expressions of interest for the purchase of the local branch of Scotia Bank.

 

Dean Barrow

Prime Minister Dean Barrow

“I took the opportunity to ask the governor at the meeting yesterday just how that is going and it’s going.  I didn’t get a sense of when the exercise will be completed but I was able to say that I think and hope that it would be finished sooner rather than later.  I can tell you that there are expressions of interest, multiple expressions of interest from concerns that would dearly love to be in a position or to be given a chance to purchase Scotiabank Belize.  There is already the agreement between the two principals and so clearly Scotia can’t even contemplate, much less negotiate any other offer.  But if for some reason, for good and sufficient reason, the Central Bank were to conclude that regulatory approval is in the circumstances not possible, there will be no lack of takers in terms of Scotiabank going back on the auction block, if they were to still insist that they want to sell.  Really then, we wait for the regulatory process to be completed.”


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