Scotiabank Belize Ltd. Acquired By Caribbean Investment Holdings Limited

Belize City, Monday, June 22nd. 2020 – updated 3.05pm

One of Belize’s long known banks ‘Scotiabank’ was acquired today by Caribbean Investment Holdings Limited which is headquartered in the Turks and Caicos Islands. The acquisition of all Scotiabank operations in Belize was purchased for $30.5 million U.S, ($61 MILLION Belize dollars).

According to Reuters
“According to Reuters News Agency (Financial). Caribbean Investment Holdings Limited, formerly BCB Holdings Limited, is a holding company. The Company’s segments include financial services and corporate. The Company’s financial services segment consists of all banking activities and related corporate services for its customers. The financial services segment offers products, including lending, traditional savings accounts, term deposits, non-interest bearing and interest bearing checking accounts, as well as credit and debit cards and offering of payment processing services to merchants. The Company’s businesses are conducted through its principle operating subsidiaries, The Belize Bank Limited (BBL) and Belize Corporate Services Limited (BSCL), which together comprise the financial services segment. BBL directly owns Belize Bank International Limited (BBIL). BBL focuses on the provision of financial services and lending to domestic clients. BBIL focuses on the provision of financial services and lending to international clients. – end quote –

Caribbean Investment Holdings Limited – Ownership data – May 2020 – source CIHL

Significant Shareholders Amount Percentage Holdings
Lord Michael Ashcroft KCMG PC77,522,84878.33%
Link Market Trustees18,241,78818.43%

CIHI Trades on the London and Bermuda stock exchanges, The company’s official statement said, “Caribbean Investment Holdings Limited ordinary shares are currently traded on the Alternative Investment Market (‘AIM’) of the London Stock Exchange in the United Kingdom under the symbol ‘CIHL’ and on the Bermuda Stock Exchange under the ticker symbol ‘CIHL’

The stock price of C.I.H.L traded at £41.5 (British Pounds) At 7.50pm GMT (June 22nd.) on the London Stock Exchange. CIHL
Back in January of 2020 the stock price was just under £17.00 per share.

At this time, it is unknown if Scotiabank will retain the same name. The latest information from Caribbean Investment Holdings Limited said that they intend to significantly expand their operations in Belize.

Scotiabank currently operates 9 branches and 21 ATM locations in all districts in Belize.

The news came just a few months after the closing of several Scotiabank operations in the Caribbean in August of 2019. At that time there was widespread speculation that Scotiabank Belize Limited was sold, and Belize’s Central Bank was obliged to issue a statement indicating that any sale of any bank in Belize would require regulatory approval. since at that time there were no such request for the approval of the sale or transfer of ownership of the bank.

The acquisition of Scotiabank by Caribbean Investment Holdings Limited will more that likely pass the necessary regulatory approval from the Belize Central Bank.

At 10am this morning Scotiabank Belize Ltd. informed its customers of the change of ownership via a Facebook post.

Dear Valued Customer,
We would like to inform you that Scotiabank has reached an agreement under which Caribbean Investment Holdings Limited (“CIHL”) – the holding company that owns and operates The Belize Bank Limited (“Belize Bank”) will acquire Scotiabank’s operations in Belize through the purchase of 100% of the shares of Scotiabank (Belize) Ltd.

A few years ago there were several British and or Canadian owned banking institutions in Belize. Many may remember Barclays Bank (which became First Caribbean Bank Ltd, then became Heritage Bank) and you may also remember Bank of Nova Scotia which became Scotiabank and now owned by Caribbean Investment Holdings Limited .

There are now no European or Canadian owned /managed banks in Belize.

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Written & Compiled by digitalCaribbean.Live – digitalBelize.LIVE staff reporter:  digitalCaribbean.LIVE@gmail.com