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Sun Sets On Scotia #549222
04/01/21 04:36 AM
04/01/21 04:36 AM
Joined: Oct 1999
Posts: 79,690
oregon, spr
Marty Offline OP

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Marty  Offline OP

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.

Channel 7


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 nd , 2020]

“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.

Channel 5


Re: Sun Sets On Scotia [Re: Marty] #549276
04/03/21 04:31 AM
04/03/21 04:31 AM
Joined: Oct 1999
Posts: 79,690
oregon, spr
Marty Offline OP

.
Marty  Offline OP
[Linked Image]

Belize Bank’s parent company takes over Scotiabank

The days of Scotiabank Belize are officially over after Caribbean Investment Holdings Limited, Belize Bank’s parent company, completed the acquisition. On Wednesday, March 31st, throughout the country, teams of workmen were observed taking down the iconic Scotiabank sign. In San Pedro Town, the sign was replaced with a Belize Bank one.

Scotiabank customers were notified via message/email of changes they can expect. The message informed customers using mobile or online banking that they will have to switch over to a Belize Bank Corporate Limited (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,” part of the message said. The current services relating to deposits and loans will remain. The merger gives birth to the largest commercial bank holding in Belize, under the Ashcroft Alliance. As the changeover takes its course, it appears that the current staff need not worry as a message sent to customers on the acquisition states that all current Scotiabank employees will remain with the company.

Click here to read the rest of the article in the San Pedro Sun

Re: Sun Sets On Scotia [Re: Marty] #549401
04/09/21 11:13 AM
04/09/21 11:13 AM
Joined: Oct 1999
Posts: 79,690
oregon, spr
Marty Offline OP

.
Marty  Offline OP
Scotiabank and Belize Bank still working independently for now

It has been a little over a week since the Scotiabank signage was removed from all branches countrywide and replaced with a Belize Bank sign. This came after Belize Bank’s parent company Caribbean Investment Holdings Limited, took over Scotiabank. Customers who may be confused with these financial institutions’ merging are advised that although everything seems to be under Belize Bank, there is an ongoing transition, and both banks are operating as two different entities for now.

Speaking with a representative from Belize Bank, they explained that until the acquisition/transition period is complete, customers with Scotiabank accounts can continue to use them as usual. The only difference is that everything has the Belize Bank stamp (receipts, new checkbooks, etc.); both entities are still working independently for now. The transition is expected to be complete in the coming months, and whenever this takes place, customers will be notified.

Click here to read the rest of the article in the San Pedro Sun


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