National Bank of Belize to offer commercial banking services

With the walkouts out of the way, we turn to some of the important matters which came out in today’s House sitting. First…the National Bank of Belize. It opened its doors in September, and today Prime Minister Dean Barrow reported that two point six million dollars in mortgage financing has already been disbursed, with another four point one million in the pipeline. And there’s bigger news than that. The institution will soon be offering different banking services, including vehicle loans. NBBL will also be accepting its first corporate deposit very shortly, with others following suit, if all goes as planned.

Prime Minister Dean Barrow

Dean Barrow

“The bank is moving as quickly as possible to take its operations to the next level. You will recollect Mister Speaker that we had made clear that the intention is to turn this national bank into a full service commercial bank as quickly as possible. Well, within the next couple of weeks, the bank expects to receive its first commercial deposit. The Board of the Bank and the Chairman of Belize Telemedia Limited have agreed that B.T.L. will invest by a way of cash deposit for three years, a total of five million dollars. In order to try to step up our services to the public, the bank is going to increase the mortgage ceil. Remember where we started the mortgage ceiling; it was a hundred thousand dollars. The bank, the Board of Directors, have agreed to increase the mortgage ceiling for the first time homeowners from one hundred thousand to one hundred and seventy-five thousand dollars. This hopefully will attract individuals in slightly higher income brackets, especially public officers and teachers who have been saying to the bank the one hundred thousand dollar cap is too constraining. Even more important, the bank at the start only services first time borrowers. Now the Board of Directors has agreed that refinancing is going to be introduced by the bank. So then, properties currently occupied by owners that have loans with other commercial banks, will be eligible for refinancing.”

As far as the deposit from B.T.L. is concerned, interest will not exceed three percent per annum. According to PM Barrow, they are looking to attract deposits from the S.S.B. as well. The bank will also branch out into offering loans to small businesses, with a cap of one hundred and seventy-five thousand dollars.