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Scotiabank Sellout or Just Speculation? #537801
08/16/19 06:27 AM
08/16/19 06:27 AM
Joined: Oct 1999
Posts: 74,886
oregon, spr
Marty Online happy OP

Marty  Online Happy OP
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.

Channel 7


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.
More in Breaking Belize News


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.
More in Caribbean News Now

Re: Scotiabank Sellout or Just Speculation? [Re: Marty] #537808
08/16/19 05:03 PM
08/16/19 05:03 PM
Joined: Jul 2010
Posts: 1,465
San Pedro, Belize
Judyann H. Offline
Judyann H.  Offline
Huh? Soooo, yes or no? It sounds like we still don't know.....

My friends call me Judyann
Re: Scotiabank Sellout or Just Speculation? [Re: Marty] #537857
08/20/19 08:01 AM
08/20/19 08:01 AM
Joined: Dec 2006
Posts: 13,213
San Pedro Belize
elbert Offline
elbert  Offline
The rumor has been round for years not months.

White Sands Dive Shop
Re: Scotiabank Sellout or Just Speculation? [Re: Marty] #537869
08/21/19 06:08 AM
08/21/19 06:08 AM
Joined: Oct 1999
Posts: 74,886
oregon, spr
Marty Online happy OP

Marty  Online Happy OP
Scotia Continues In Belize

David Noel, the head of Scotia Group Jamaica, whose remit includes oversight of select countries in Scotiabank International’s regional operations, says Belize remains within the Caribbean network.

It was as close as he seemed prepared to get in addressing unconfirmed reports that Scotia Belize was being acquired by a Jamaican bank.

Asked specifically whether Scotia Belize was being sold, Noel chose not to comment directly but instead cited company policy.

“As a matter of policy, we do not comment on market rumour and speculation,” he said via email. “In Belize, our focus is on serving customers and providing products and solutions to meet their needs,” he told the Financial Gleaner.

The Canadian-owned banking group has operated in Belize since December 1968.

Last Friday, in the wake of a news report of the pending sale of Scotia Belize emanating from the small country of 375,000, people – a report based on sources – the Jamaican financial sector began narrowing down the potential buyer to two financial groups. The chief executive of one of the firms considered the better fit of the two said he knew nothing of a deal but acknowledged that it would complement his operations. He then advised that any comment should be sought from Scotiabank.

Scotiabank International is in the process of selling its Caribbean operations in nine markets to Republic Financial Holdings Limited of Trinidad and Tobago, but Belize is not among them. The US$123-million deal, announced last November, includes Scotia’s operations in Anguilla, Antigua and Barbuda, Dominica, Grenada, Guyana, St Kitts and Nevis, St Lucia, St Maarten, and St Vincent and the Grenadines.

Scotiabank International operates in 50 countries and has more than 25 million customers.

Jamaica Gleaner

Re: Scotiabank Sellout or Just Speculation? [Re: Marty] #537926
08/24/19 06:23 AM
08/24/19 06:23 AM
Joined: Oct 1999
Posts: 74,886
oregon, spr
Marty Online happy OP

Marty  Online Happy OP
The Scotiabank Saga

For many Belizeans, the fate of Scotia Bank’s operation in Belize became uncertain last week when “speculations” began to reach the media about the institution’s impending closure. Initial reports to several media outlets were that on Wednesday, August 14, a staff meeting was held at which Scotia employees were informed that the bank’s local operation would be sold to a regional financial institution from Jamaica as early as October of this year.

According to that same report, the employees were not given any details regarding the fate of their future employment or the legal status of this transition; however, they were allegedly assured that the bank was not intending to close any of its branches in the interim.

The following day, however, the Governor of the Central Bank, Joy Grant, asserted that Scotia Bank’s Managing Director, Sarah Hobbs, called her to clarify that the reports circulating in the media were untrue.

Since then, the Central Bank has issued a statement dated August 16 to further affirm that as far as they are concerned, the bank has not taken any necessary action towards a sellout.

The statement reads: “Except with the prior written approval of the Central Bank, no licensee under the Domestic Banks and Financial Institutions Act, section 27 (1) (c), shall, by any means, sell or dispose of its banking or financial business. At this time, the management of Scotiabank has not sought approval from the Central Bank for any such transaction.”

Further discrediting the rumors of the bank’s impending sale is an article published by the Jamaica Gleaner in which David Noel, the head of Scotia Group Jamaica, who is responsible for the oversight of certain countries in Scotiabank International’s regional operations, affirmed that “Belize remains within the Caribbean Network”.

Evidently, however, when asked specifically whether the Belize branch would be sold, Noel opted to cite the company policy to avoid comment on market rumor and speculation regarding affairs of the bank.

Scotia International is in the process of selling nine operations within the Caribbean, namely: Anguilla, Antigua and Barbuda, Dominica, Grenada, Guyana, St. Kitts and Nevis, St. Lucia, St. Maarten, and St. Vincent and the Grenadines, which was announced in November of 2018 due to the bank’s concerns about being over-branched in the Caribbean where economies aren’t as strong.

In summary, then, both Scotia Group Jamaica and the Central Bank of Belize have issued ambiguous statements which seem to discredit the speculations in the public about the sale of the bank, but neither of these have confirmed that the bank will not actually be sold.

Furthermore, Scotiabank Belize itself has remained silent on the issue, and members of staff who have been asked to comment have stated that they have been instructed not to entertain any questions from the media regarding the matter.

This still leaves room for speculation as to the future of Scotiabank’s operation in Belize. Scotiabank has been operating in Belize since 1968, with nine initial branches being opened, and has employed over 180 Belizeans to date.


Re: Scotiabank Sellout or Just Speculation? [Re: Marty] #538651
10/09/19 04:57 AM
10/09/19 04:57 AM
Joined: Oct 1999
Posts: 74,886
oregon, spr
Marty Online happy OP

Marty  Online Happy OP

Several weeks ago, we told you of Scotiabank and its recent sales of assets taking place in other Caribbean countries. We also reported that there are ongoing negotiations for Scotiabank in Belize to the Republic Financial Holdings Limited in Trinidad and Tobago. The bank’s local manager has since denied that report. In speaking with Joseph Cox of CARICOM, he explained to us what the situation regarding Scotiabank in the other Caribbean countries has been.

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