Saturday, April 20, 2024

Belize Bank’s parent company takes over Scotiabank

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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.

The merger was first announced in June 2020. Central Bank of Belize conducted a thorough review of the purchase agreement between the bank and Caribbean Investment Holdings Limited, an Ashcroft Alliance. This involved a payout of about US$30 million for Scotiabank’s assets.

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 acquisition of the bank became possible when Scotia decided to leave the country. In an interview with Executive Chairman of Belize Bank Ltd, Lyndon Guiseppi, in June 2020, he said that following such announcement, they engaged in discussions with Scotiabank for months before making a deal.

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.

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