What's up with Scotiabank? Is one of Belize's biggest commercial banks selling out its Belize operation for real? Well, a report broadcast by LOVE FM today says that they are, but the bank is flatly denying it.

The Governor of the Central Bank, Joy Grant today told us that the Bank's Managing Director, Sarah Hobbs called her and said that the report was totally untrue. Additionally, sources tell us, no proposed sale has been reported to the Central Bank, as would be required in the normal course.

The supposed sellout of Scotia's Belize operation has been rumored for months. This would be apiece with a selllout of the Bank's operations in many other small Caribbean territories.

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ScotiaBank sells to Jamaican Bank, not closing branches
Following reports that Scotia Bank is finalizing arrangements to close its doors in Belize by October, a senior source from within the bank has confirmed to BBN that the bank is selling to a regional bank from Jamaica.
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Scotiabank announces sale of Puerto Rico and US Virgin Islands operations
The Bank of Nova Scotia announced on Wednesday that it had reached an agreement to sell its operations in Puerto Rico and the US Virgin Islands to 55-year-old Oriental Bank, a subsidiary of San Juan, Puerto Rico-headquartered financial-services company OFG Bancorp, subject to regulatory approvals and customary closing conditions.

"Until regulatory approvals are obtained and the transaction closes, all operations, branches and products will continue to operate as usual. Oriental Bank and Scotiabank will work together to help facilitate a smooth transition for the business," the release noted.
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