27 Nov 2020 07:52
Caribbean Investment Holdings Limited
27 November 2020
This announcement contains inside information
CARIBBEAN INVESTMENT HOLDINGS LIMITED - APPROVAL RECEIVED FROM CENTRAL BANK OF BELIZE FOR THE ACQUISITION OF SCOTIABANK (BELIZE) LTD.
Road Town, Tortola, British Virgin Islands, 27 November, 2020 -- (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL").
Regulatory approval
CIHL is pleased to announce that the proposed purchase by the Company of Scotiabank (Belize) Ltd. ("SBL") from Scotiabank Caribbean Holdings Ltd. (the "Seller"), a subsidiary of The Bank of Nova Scotia ("BNS"), for an initial purchase price of up to US$30.5 million ("Acquisition"), has been approved by the Central Bank of Belize; a key condition for the closing of the Acquisition (the "Approval").
The Approval has been granted by the Central Bank of Belize subject to the requirement that SBL merges with The Belize Bank Limited, the Company's existing wholly owned banking business in Belize by 31 March, 2022 (the "Post-Closing Merger").
The Approval also is subject to a number of additional customary technical and administrative terms and conditions, principally in relation to the Post-Closing Merger.
Outstanding conditions to closing of the Acquisition
Following receipt of the Approval, the Acquisition remains subject to certain customary conditions and pre-closing steps, which remain outstanding. 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.
Person releasing this information on behalf of CIHL: Philip Osborne, Company Secretary
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)207 248 6700
Cenkos Securities plc
Nicholas Wells +44 (0)207 397 8920
Note: This and other press releases are available at the Company's website: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited ("CIHL") is a parent holding company with no independent business operations or assets other than its investments in its subsidiaries, intercompany balances and holdings of cash and cash equivalents. CIHL's businesses are conducted through its subsidiaries. The Belize Bank Limited ("BBL") is incorporated and based in Belize and focuses on the provision of financial services and lending to domestic clients. Belize Bank International Limited is incorporated and based in Belize and focuses on the provision of financial services and lending to international clients. CIHL also owns an international corporate services business based in Belize, which operates as Belize Corporate Services Limited. Within Belize, BBL is one of the largest, full service commercial and retail banking operation with a head office in Belize City and eleven branches extended into each of the six districts of Belize. The principal operations of BBL are commercial lending, consumer lending, deposit taking and related banking activities.