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Scotiabank sells to Jamaican Bank, not closing branches

Aug 16, 2019 News

Belize (breakingbelizenews.com) – Following reports that Scotiabank is finalising arrangements to close its doors in Belize by October, a senior source from within the bank has confirmed to BBN that the bank is selling to a regional bank from Jamaica. The source added that there are no immediate plans to close any of their branches at the moment.
According to the report, staff members have been informed of the decision in staff meetings yesterday. The staff, however, was not provided details of how the transition would affect their employment status.
Notably, Scotiabank has already pulled branches from several Caribbean countries including Puerto Rico, US Virgin Islands, Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Guyana and St. Maarten.
The bank has reportedly chosen to drop the Caribbean branches over concerns about sanctions and profits. Details regarding this current transition have not been disclosed; however, it is expected that the Jamaican institution will assume the assets and resume business with Belizean account holders.
Sources had also previously told BBN that Scotia Bank’s closing does not particularly signal instability within Belize’s banking sector as Scotia has opted toward de-risking itself of possible risks associated with banking in this region; however, critics including the People’s United Party (PUP) have raised concern in the wake of other recent closures, including First Caribbean and offshore institutions such as Choice Bank and Atlantic International.

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