Caribbean Investment purchase of Scotiabank Belize get approval

Caribbean Investment Holdings announced on Friday that the proposed purchase of Scotiabank Belize (SBL) from Scotiabank Caribbean, a subsidiary of the Bank of Nova Scotia, for an initial purchase price of up to $30.5m, has been approved by the Central Bank of Belize.

The AIM-traded firm described that as a “key condition” for the closing of the acquisition.

It said the approval was granted by the Central Bank of Belize subject to the requirement that SBL merges with the Belize Bank - the company's existing wholly-owned banking business in Belize, by 31 March 2022.

The approval was also subject to a number of additional customary technical and administrative terms and conditions, primarily in relation to the post-closing merger.

“Following receipt of the approval, the acquisition remains subject to certain customary conditions and pre-closing steps, which remain outstanding,” the board said in its statement.

“Subject to the satisfaction and completion of such remaining conditions and pre-closing steps, closing of the acquisition is expected to take place in the first quarter of 2021.”