Two major banks in Belize – one local and the other international – have lost their correspondent banking relationship with Bank of America. It’s a serious blow for customers who depend on the access previously provided through that relationship, but the threat had loomed for some time due to very strict money laundering regulations imposed […]
The pending sale of CIBC FirstCaribbean’s assets to Heritage Bank Limited remained the topic of conversation within the financial sector for the better part of last week. While CIBC’s corporate representative, in a brief interview with the local media, shared very little on the expected transaction, details of the acquisition have been discussed by all […]
The arrangement between CIBC FirstCaribbean and Heritage Bank is a private transaction brought about largely by the former’s shortfall in recent fiscal cycles. As such, government is not directly involved in the sale. Reporter “Is there any cause for concern that a bank that is well financed and has many branches has decided to […]
While CIBC FirstCaribbean and Heritage Bank are working to formalize the sale of assets, another offshore institution operating from Belize is yet to secure a correspondent bank. As we’ve reported previously, Bank of America has severed ties with Atlantic International Bank Limited as part of an ongoing de-risking exercise. The end of that relationship comes […]
This time last year, the staff of Belize Maintenance Limited (BML) was protesting in front of City Hall; garbage was strewn across the street and the protestors were arrested by police. The workers were complaining that the City Council would not pay BML for its work and they were losing their jobs. The two sides […]
According to Bradley the Council has paid off what was outstanding to BML in terms of compensation for terminating the contract. He is not considering implementing a proposed ten dollars residential garbage fee floated as a partial response to the issue. There are enough revenues available, he said, to get the amount paid off. […]
Mayor Bradley also discussed the issue of trade licenses. Some Belize City businesses are reportedly thinking of moving outside of the Old Capital’s boundaries to Ladyville and Hattieville which are exempted from paying trade license fees. The city charges twenty-five percent of rental value by square foot annually which results in disproportionate payments and complaints. […]
A formal announcement confirmed on Monday that CIBC FirstCaribbean’s local assets were being acquired by Heritage Bank Limited, a move that will change the banking landscape locally. But the acquisition remains open pending approval by the Central Banks of Belize and Barbados. As FICB’s executives from Barbados met with staff from all branches to deliver […]
But will the transfer of FirstCaribbean’s assets affect its existing clients and what does the sale mean for the banking sector? That’s what we asked Central Bank Governor, Glen Ysaguirre, earlier today. He says that he has been assured by both parties that the transition will be seamless. Unfortunately, the same cannot be said for […]
The purchase of FirstCaribbean’s resources sets the stage for Heritage Bank to expand its operations across the country and with that growth comes a need for additional human resources. According to Ysaguirre, the changeover should hopefully see minimal displacement of FirstCaribbean’s present staff. Glenford Ysaguirre, Governor, Central Bank “With regards to the employees though, […]
There is other news in the financial sector which is also affecting banking transactions overseas in the offshore industry. Atlantic International Bank, which formally severed ties with Bank of America last Thursday, is still without a correspondent bank. As we reported recently, despite marked improvement in compliance with banking regulations, U.S and European correspondent banks […]
There is big financial news tonight. CIBC First Caribbean Bank which was hit by robbers last week today informed it’s management and staff that it was selling out it assets to Heritage Bank Limited, a much smaller local bank. The reports had been circulating for some time, but it was made official until today. Staff […]
Even in the face of improved compliance to banking regulations set out by the Caribbean Financial Action Task Force, Atlantic International Bank Limited is the latest financial institution locally to lose its US correspondent Bank. The bank was not providing comments today, but a release posted on its website and dated July twenty-eight, made the […]
The Consumer Price Index for the month of June has been released by the Statistical Institute of Belize. Recent figures indicate that plummeting fuel and international airfares have reduced consumer prices by negative point eight percent. When compared to the same period in 2014, prices per gallon of regular, premium and diesel fuel were down […]
Today, when he appeared on Open Your Eyes, Marvin Mora also spoke on the issue of Belize’s spiraling debts. He said that the unions met with the IMF not too long ago and frankly put, the situation doesn’t look good for Belize. He said that Belize needs to manage the situation. But just how bad […]
It’s likely that nobody will be complaining much about Petrocaribe rolling onto the Jaguars’ football pitch. The fact is that G.O.B. has been conspicuously absent in the national team’s journey to date. Petrocaribe – the use of it and the recent Act – continue to be sources of controversy and contention though. Today, Financial Secretary […]
In April 2015 four persons were arrested for their involvement in a Treasury Department scam which allegedly netted them more than half-a-million dollars. Preliminary investigations indicated that money due as subvention for the Toledo Community College was diverted into other accounts, and then siphoned off from those accounts. It was a bold scam, uncovered by […]
The 2015 sugar cane crop, which started very late in January, will close next week Tuesday, July seventh at six pm. The opening was delayed by hostile negotiations between the B.S.C.F.A. and ASR/B.S.I. which at one point threatened to derail the crop season completely. With such a late start, and heavy rains already affecting the […]
Belize has come under intense scrutiny from agencies within the region for failure to meet international standards in the fight against money laundering and terrorist financing. The Caribbean Financial Action Taskforce is one such organization which serves as an umbrella for a majority of the countries within the basin. In November 2013, Belize was listed […]
Those shortcomings, according to Eusey, were quite a few, beginning with laws and amendments that were both antiquated. The move, he says, has been to successfully bolster the autonomy of the FIU. Eric Eusey, Director, Financial Intelligence Unit “Our deficiencies were several. First in the area of the legal, our laws were a bit […]
On June twenty-ninth International Fishermen’s Day will be celebrated in Belize, as well as the wider Caribbean region. The Fisheries Department and several other organizations concerned with fisheries will be hosting a series of events to observe the economic, social and cultural contributions of Belizean fishers. Two of the participating organizations shared why this recognition […]
The May figures in respect of the cost of living have been released by the Statistical Institute of Belize. SIB says the prices remain almost one percent lower than in the same period last year. Inflation rate stood at negative zero point nine and the Consumer Price Index declined by close to one percent. According […]
The Belize Electricity Limited held its annual general meeting on Thursday night. Two major announcements were made at the closed-door meeting of the government-controlled utility company held at the Radisson. B.E.L. told shareholders that the 2014 year saw bumper net earnings of thirty-six point two million dollars. It’s no small number, in fact just in […]
As of midnight tonight, there will be a drop in the cost of butane gasoline. The government, in a press release from the Supplies Control Unit, announced today that effective this Friday, the new controlled price for a hundred pound cylinder of butane will go down by three dollars across the board. For Belize Gas […]
Earlier this month, BMI Research, a leader in financial information services, made public the results of a research into Belize’s existing economic state of affairs. That forecast was dismal, as it is expected that the country’s debt dynamics will remain unstable, with an imminent threat that Belize will strive to access capital markets or even […]
