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Apr 21, 2021

Lord Ashcroft Speaks on Belize Bank-Scotiabank Merger

At the end of March, Scotia Bank closed, ending more than fifty years in Belize as signs were taken down after the bank was acquired by Belize Bank Corporation Limited, a subsidiary of Caribbean Investment Holdings Limited.  Belize Bank is now the largest commercial bank in Belize. When he appeared on Open Your Eyes this morning, Lord Ashcroft talked about what this means for banking in Belize.

 

Lord Michael Ashcroft

“We are having a good look at where the business goes from this particular point but one of the most exciting things is which, again, the bank is hoping to announce and there has already been advertising on TV is something called e-cash.”

 

Lord Michael Ashcroft

Marleni Cuellar, Host, Open Your Eyes

“The opportunity in being able to merge the largest and second largest banks in Belize what does that mean for the future, the vision of what will now be this expanded bank?”

 

Lord Michael Ashcroft

“Part of it is a hope that there is in Central Bank at the moment a fully drafted securities act which will enable the bank to do such things as providing bond financing for companies and to broaden the scope and I think that type of activity needs to be there. I think there needs to be more syndication of loans to businesses as well, it is not just one bank – Belize Bank will talk to another bank and say let’s have a combined bond to help develop this project so and so forth and so I think this will give a greater scope. But also to do this merger during a COVID or difficult economic time there are certain risks involved. We are having to compromise on a number of customers who are running into difficulties and you have to accept that is part of the cycle and working with government.”


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