Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Central Bank of Belize : Scotiabank (Belize) Ltd. Sale of Shares

11/26/2020 | 05:15pm EST

26 Nov 2020

The Central Bank of Belize advises the public that its Board of Directors has granted approval for the Bank of Nova Scotia Ltd. to sell 100% of the common shares held by Scotia Caribbean Holdings Limited in Scotiabank (Belize) Ltd. (SBL) and for Caribbean Investment Holdings Limited (CIHL) to purchase SBL's shares.

The Board was guided in its decision by the primary objectives as defined by the Domestic Banks & Financial Institutions Act (DBFIA) sections 6 (2) and 6 (3), particularly:

1. Maintaining confidence in and promoting the safety and soundness of the financial system in Belize;
2. Promoting prudent and fair banking and financial practices; and
3. Supervising licensees to determine whether they are financially sound.

Scotiabank (Belize) Ltd. and Belize Bank Limited are bound by a Transition Services Agreement, which will ensure a smooth transition post acquisition of the shares.

During the transition and for an interim period of 12 to18 months, Scotiabank (Belize) Ltd. will operate under a changed name - Belize Bank Corporation Limited.

The decision of the shareholders for the sale of Scotiabank (Belize) Ltd. was not influenced by any conditions specific to Belize nor was it prompted by any action on the part of the Regulator. Rather, the move represents Bank of Nova Scotia's (Corporate) strategy of exiting what it considers to be non-core operations. This strategy extends to reengineering its operations in the various Latin American and Caribbean territories.

Pursuant to the DBFIA, the Central Bank conducted a comprehensive assessment of the proposed application, inclusive of the benefits and potential risks and vulnerabilities, to ensure that it will not be detrimental to the interest of depositors and customers, and the stability of the financial system.

The Central Bank reiterates its unwavering commitment to the continued effective oversight of the Belize financial system and continues to collaborate with all financial sector stakeholders to optimize the banking products and services available to the public including the business community


Issued by:-
The Governor
Central Bank of Belize
1 Gabourel Lane
Belize City, Belize
T: +501.223-6194
W: www.centralbank.org.bz


Central Bank of Belize published this content on 26 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2020 22:14:01 UTC

© Publicnow 2020
Latest news "Economy & Forex"
03:01pEcuador president hopeful Arauz would scrap IMF economic program
02:58pMexican president says cash bill must respect central bank's autonomy
02:52pS&P 500, Nasdaq scale highs as Netflix jumps, Biden inaugurated
02:34pItaly PM wins backing for deficit hike after surviving coalition ambush
02:20pMexican Retailers Curb Investment Plans for 2021
02:12pU.S. CDC Says Administered 16.5 Million Doses Of Covid-19 Vaccine As Of Jan 20
02:12pU.s. cdc says 1,908,256 doses of covid-19 vaccine administered in long-term care homes as of jan 20 vs 1,745,441 doses administered as of jan 19
02:12pU.s. cdc says 2,161,419 individuals have received two doses of covid-19 vaccine as of jan. 20 vs 2,023,124 individuals as of jan. 19
02:11pU.s. cdc says 14,270,441 individuals have received one or more doses of covid-19 vaccine as of jan. 20 vs 13,595,803 individuals as of as of jan. 19
02:11pU.s. cdc says administered 16,525,281 doses of covid-19 vaccine as of jan 20 vs 15,707,588 doses administered as of jan 19
Latest news "Economy & Forex"