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7145 Slaughterhouse Road

Belize City, Belize Central America

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Banking & Finance

BPP comments on bank merger

BPP ON SCOTIA

The Belize Progressive Party (BPP) is putting in their two cents as well as it relates to the merger and acquisition of Scotiabank by Caribbean Investment Holdings Limited. Yesterday we told you about their press release in which they stated that it is not in the best interest of the Belizean public for Lord Michael Ashcroft to be in control of more than fifty percent of the banking sector in the country.

The Belize Progressive Party (BPP) is putting in their two cents as well as it relates to the merger and acquisition of Scotiabank by Caribbean Investment Holdings Limited. Yesterday we told you about their press release in which they stated that it is not in the best interest of the Belizean public for Lord Michael Ashcroft to be in control of more than fifty percent of the banking sector in the country. Our newsroom spoke with BPP’s leader, Patrick Rogers, who explained the party’s assessment of the Scotiabank buyover.

Patrick Rogers, Political Leader, Belize Progressive Party: “The bank that is taking over Scotiabank is one of the most predatory banks in this country. Belize don’t have usury laws, don’t have antitrust laws like other jurisdictions do, if we did this would not be allowed to be happening. So yes we were very upset to see the governor of the Central Bank in less than twenty four hours jumping out saying how good a deal this is for Belize’s economy when in effect most of us who understand business and the economy know that this is the worst thing that could happen for Belize. As an example the transportation industry, air transportation local, Maya is already leveraged at Belize Bank you have Tropic Air that is leveraged at Scotiabank you could see a scenario where if the government doesn’t act by regulating the financial sector we could see Mr.Ashcroft literally owning up the local air transport sector by owning Maya and Tropic Air through this acquisition of Scotiabank. All the predatory bank does is to lend you less than you need so whenever you approach them to borrow let’s say you need $300,000 they’re going to loan to you $200,000 knowing that they’re setting you up and you will fall short and then the holding company will be able to buy out your business for .30 or .25 cents on the dollar so that is what we don’t want to see happening through this COVID disaster.”

The BPP is hoping that the government will reverse its decision in order to ensure the safety of the economy and, more importantly, the Belizean public.

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