Holders of ScotiaBank accounts were notified today of upcoming changes that will take effect as Belize Bank and Scotia Bank continue to merge. After the completion of the transaction, Scotiabank will be renamed Belize Bank Corporation Limited (BBCL). The bank also announced that current employees will remain with the company and will continue to serve customers in Belize. The bank’s notice says that mobile banking user, upon the close of the transaction, can continue to access mobile banking through the BBCL application. Users will be prompted to download the new app at first sign-on after the close of the transaction. All existing deposit products, and their terms and conditions, will continue with BBCL and no action will be required on the customer’s part. The same goes for all existing loan products. As for foreign currency drafts, BBCL will not be offering these services after the sale. The sale was approved by the Central Bank of Belize after the general elections in November 2020. It was expected the transition would take place over a couple of months but as Minister of State for Finance Christopher Coye explains, for the merger to be fully completed, it might take upwards of a year.
Christopher Coye, Minister of State [Finance]: “We haven’t received any update on that process or the progress of that merger acquisition. What I do understand at the same time that even if it does complete that might be the legal completion but the practical side would involve migration and the IT side may take upwards of a year for that to get completed. So I’m not sure either side but I understand that that does take more time than you mentioned end of February or anything like that.”