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Many Suitors For Sale of Scotiabank

Posted By: Marty

Many Suitors For Sale of Scotiabank - 08/18/20 10:32 AM

When we spoke to him on Friday, the Prime Minister said that the Central Bank review of the sale of Scotiabank to the holding group that owns the Belize Bank is still underway.

As we have reported, that acquisition would create a concentration of more than 50% of the commercial banking sector in one entity - and the Prime Minister has expressed reservations.

On Friday he said other groups would like to buy into the deal:

Rt. Hon. Dean Barrow, Prime Minister

"I can tell you that there are expressions of interest, multiple expressions of interest from concerns that would dearly love to be in a position, or to be given a chance to purchase ScotiaBelize. But there is already the agreement between the two principals, and so clearly Scotia can't even contemplate much less negotiate any other offer, but if for some reason, for good and sufficient reason, Central Bank were to conclude that regulatory approval is in the circumstances not possible, there will be no lack of takers in terms of Scotia bank going back on the, not auction block, on the...if they were to till insist that they want to sell, there'd be no lack of takers."

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