7 News Belize

Chamber Urges Central Bank To Review BBL/SBL Merger
posted (June 30, 2020)
And while the Ashcroft Alliance is surely doing a celebratory dance tonight, the Chamber of Commerce is throwing a little rain on their parade.

The Chamber says it is concerned about what it calls "the inevitable economic and consumer impact of Scotiabank's acquisition" and says the Central Bank should review the acquisition.

The release notes that the acquisition leaves 50% of the commercial banking sector under the control of one institution and reduces the number of commercial banks in Belize from five to four. It says, quote "The impact of this transaction will be felt across the entire spectrum of personal and business customers seeking credit, finance, foreign exchange, correspondent bank services, and much more."

The Chamber says, quote, "The BCCI considers it imperative that the Central Bank of Belize, as the regulator of all financial institutions, exercises wholesome scrutiny to guard against further reduction of access to finance or against anti-competitive behavior resulting from the consolidation of the banking sector." It urges the Central Bank to review this acquisition "in the context of its impact on the overall banking sector, as well as from a consumer protection standpoint." End quote.

A Central bank review is expected to take three to four months.

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