The buy-over of Scotiabank by the Belize Bank Limited is expected to be completed within the next six weeks. Love News understands that the Labour Department is involved in the process to ensure that the proper exit packages are given to workers who will not remain on staff, and to also ensure a smooth transition for those who will. Prime Minister John Briceno explained that the government has nothing to do with the takeover.
Hon. John Briceno, Prime Minister of Belize: “I think it’s important to point out that the government has nothing to do with the banks. The banks are governed solely by the Central Bank of Belize. The Central Bank of Belize after a long discussion and investigation and going through the entire process decided to give the nod for the merging of Scotia Bank and Belize Bank. Now I am told, I mean just yesterday I heard that I think the merger I think will how should I say, come to full fruition I think at the end of next month in March I think and then once they do that then they will see how they’re going to merge both operations into one.”