The release went on to highlight the risk profile that Caribbean banks present to foreign banks, which Belize is not exempt from due to our issues over the years with “money laundering fueled by the illegal drug trade, people trafficking proceeds and general corruption.” The BCCI concluded by asserting that market reduction and/or concentration in the sector will only worsen the situation and result in more de-risking efforts, which have affected its members negatively in the past. “This transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers,” a statement from Scotiabank noted. Соntасt uѕ аt [email protected] оr саll uѕ аt 501-601-0315. Scotia says that the agreement is subject to regulatory approval and customary closing conditions. The acquisition of all Scotiabank operations in Belize was purchased for $30.5 million U.S, ($61 MILLION Belize dollars). Join BBN mailing list for the latest news on Belize! Posted: Monday, June 22, 2020. 170 Beltex Avenue, Belama Phase 1, Belize City, Belize on Saturday 24th October 2020 at 10:00 am: 1. “CIHL and Scotiabank will work together to facilitate a smooth transition for the business,” the statement ended. REPRINTING CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW. Sign up today. In light of the potential risks, the BCCI believes that the Government in Belize should introduce competition laws to avoid market dominance affecting any industry. 2020 – updated 3.05pm One of Belize’s long known banks ‘Scotiabank’ was acquired today by Caribbean Investment Holdings Limited which is headquartered in the Turks and Caicos Islands. Your email address will not be published. While the acquisition is under review and pending approval, the BCCI urges the Central Bank of Belize to make firm decisions to preserve the strength, integrity and autonomy of the country’s banking sector: “The BCCI considers it imperative that the Central Bank of Belize, as the regulator of all financial institutions, exercises wholesome scrutiny to guard against further reduction of access to finance or against anti-competitive behavior resulting from the consolidation of the banking sector. Oct. 29, 2020-- As previously reported, the Belize Peace Movement (BPM) has been pursuing a lawsuit at the Supreme Court since... BELIZE CITY, Thurs. Shares puts on free Investor Events throughout the year across the country. Please email us your news at [email protected]. Tuesday 03 November 2020 | Last updated: 11:49AM, Market Movers - Top risers and fallers between 10:00 and 11:00, Market Movers - Top risers and fallers at 11:00, UPDATE: Dollar/Yen down -0.06% @ 104.6620, Strix reports 'record' sales since June ahead of capital markets day. The Belize Chamber of Commerce and Industry (BCCI), however, is wary of such a drastic and unforeseen change in Belize’s banking sector. July 2, 2020– The financial sector of Belize became the focus of much public debate and angst following Monday’s announcement that Caribbean Investment Holdings Limited (CIHL) formally applied to acquire Scotia Bank Belize. BELIZE CITY, Thurs. It therefore urges: “• That the Central Bank of Belize reviews this acquisition in the context of its impact on the overall banking sector, as well as from a consumer protection standpoint; “• That the Central Bank of Belize considers the impact that the loss of Scotiabank (Belize) Limited will have on the country’s stability and its ability to access and maintain correspondent banking relationships; “• That the Central Bank of Belize ensures that the risk of anti-competitive behavior is eliminated, in particular by introducing regulations that will limit the percentage of market share that can be held by any one institution; and, “• That the Government of Belize through its investment promoters and other relevant bodies encourages and incentivizes new commercial banking institutions to enter Belize, while the Central Bank opens the market to encourage properly regulated modern alternatives to traditional banking.”.

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