7 News Belize

PM Sorry To See Scotia Go
posted (June 26, 2020)
On the other Ashcroft related matter, we asked the Prime Minister about the Belize Bank's acquisition of Scotiabank Limited. That makes the Belize Bank the largest commercial bank by far in Belize, and takes the last global brand out of the sector.

The Prime Minister discussed the significance and the implications:

Rt. Hon. Dean Barrow, Prime Minister
"I'm sorry to see Scotia go. I think their exit deprives us of an institution that was particularly stable and that had global reach. We've had our difficulties with corresponding banking. At no time could that a sort of potential calamity have overtaken Scotia, because of their global brand. So we lose that. The acquisition by Belize Bank will mean that that particular shield has now been lost to us."

Reporter
"With the majority of shareholding, an Ashcroft group will now hold and everything that you said in relation to Ashcroft in the past and the business relationship that he has had with Belize, does that factor into..."

Rt. Hon. Dean Barrow, Prime Minister
"Making the point that indeed there is one less institution in the banking space. That in and of itself is something we would not have wished for. The fact that the acquiring bank will now be find a way the dominant player in that space. That is no doubt an elephant in the room, but I am saying that I don't want to go beyond that. I'm not going to personalize this."

Reporter
"Maybe I shouldn't say the country, but a lot of people would."

Rt. Hon. Dean Barrow, Prime Minister
"Well I don't think that what I should do at this juncture especially because remember this can't be consummated until the Central Bank has finish its regulatory work and my understanding is that's a 4-month period."

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