The Bank of Nova Scotia (BNS) continues to reduce its Caribbean presence by selling some country operations.
Caribbean Investment Holdings Limited (CIHL) announced on June 22 that it has reached an agreement for the purchase of Scotiabank (Belize) from Scotiabank Caribbean Holdings Ltd., a subsidiary of BNS for an initial purchase price of up to US$30.5 million.
The Central Bank of Belize will now review the new offer.
SBL represents Scotiabank’s banking operations in Belize. It has been in Belize since 1968, and currently has nine branches and 21 ATMs. SBL offers a complete range of retail and commercial banking services in Belize, including online banking and electronic cash management.
For the financial year ended October 31, 2019, SBL recorded a profit of US$5.30 million, and revenues of US$36.52 million. As at 31 October 2019, SBL had assets of US$389.9.