After over five decades, Scotiabank's era has come to an end in Belize.
The signs on the largest branch in the city came down today - to be replaced by the new brand, "Belize Bank Corporation Limited (BBCL)"
In June of last year, we told you that Lord Ashcroft's Caribbean Investment Holdings Limited had purchased Scotiabank Belize Limited.
And, tonight, four months after approval by the Central Bank the changeover is complete.
In an email to its customers, Scotiabank detailed some changes that they can expect. The email tells customers who use mobile or online banking that they will have to switch over to a BBCL application or website. If you are used to receiving transaction alerts via email or text when using your debit or credit cards, this service will be discontinued. In terms of deposit and loan products, the BBCL will continue with these.
And while those details of the changeover may bedevil customers for a few weeks, in the long term, what emerges now is the largest commercial bank holding in Belize, under the Ashcroft Alliance.
Scotiabank Shutters its Operations as Belize Bank Merger is Completed
The acquisition of Scotiabank Belize by Caribbean Investment Holdings Limited, the parent company of Belize Bank, has been completed. This afternoon, a team of workmen took down the iconic Scotiabank sign that hung in front of the building on Albert Street, bringing to an end the commercial operation of the long-established financial institution. The sale and pending merger was first announced in June 2020 after which the Central Bank of Belize conducted a complete review of the purchase agreement between both parties. That contract required a payout of up to thirty point five million U.S. dollars for Scotiabank’s assets which includes shareholder equity of twenty-eight point five million dollars, as well as a premium of one point five million dollars.
Lyndon Guiseppi, Executive Chairman, Belize Bank Ltd. [File: June 22
“One of the strategic goals of the Belize Bank for quite a while has been to expand our regional operation and to become a regional banking franchise. So it has a number of years now in which we have been looking at acquisitions across the Caribbean. Over the last thirteen months, the opportunity was presented to us when Scotiabank was deciding to leave the jurisdiction and we engaged in discussions with Scotiabank over the past thirteen months. These negotiations were on again, off again negotiations and finally they consummated in us signing a deal on Friday.”
A message sent to customers on the acquisition says that all current Scotia Bank employees will remain with the company and continue to serve customers in Belize.