Heritage Bank Limited Considers Offers for Potential Sale
Heritage Bank Limited (HBL) is entertaining offers from potential buyers. The news comes eight years after the bank had bought over the CIBC First Caribbean Bank in 2015. It is concerning news as stakeholders in the financial sector are paying keen attention to what might be the formation of a banking duopoly. A substantial number of shares in Heritage Bank Limited are up for sale, and it is being said that one of the potential buyers may just be the Ashcroft Alliance. Prime Minister John Briceno, who had limited details, weighed in on the situation, and stated that it is something the government would be looking into.
John Briceño, Prime Minister of Belize: “This is a matter that the central bank deals with, not the Ministry of Finance. Now, obviously as a government we also have a responsibility to ensure that whatever is done that it does not jeopardize the banking sector. The banking sector is paramount to a thriving economy, to have confidence in Belize and to have confidence in the peg, the two-to-one peg. So it is something that we can’t take lightly. Nothing has come to me at this point. I wasn’t even aware it’s already up for auction but it’s something that we’ll have to take a close look.”
Just three years ago, Ashcroft’s Caribbean Investment Holdings Limited had acquired Scotia Bank, subsequently merging operations with the Belize Bank Limited. Love News understands from good sources that some four months ago, the matter had come up in an HBL Board Meeting where it was confirmed that the bank would be open for offers. This is a developing story, and we will be looking further into it.