1 Apr 2021 07:00
Caribbean Investment Holdings Limited
1 April 2021
This announcement contains inside information
CARIBBEAN INVESTMENT HOLDINGS LIMITED - COMPLETION OF ACQUISITION
Road Town, Tortola, British Virgin Islands, 1 April 2021 -- (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL").
Further to the Company's announcements on 22 June 2020 and 27 November 2020, CIHL is pleased to announce that its wholly owned subsidiary, B.B. International Limited, has completed the purchase of Scotiabank (Belize) Ltd. ("SBL") from Scotiabank Caribbean Holdings Ltd. (the "Seller"), a subsidiary of The Bank of Nova Scotia ("BNS") (the "Acquisition"), for a total price on closing of US$20 million. The Company does not expect that any material additional consideration will be payable in relation to the Acquisition upon the agreement or determination of the post-closing consideration adjustment process.
Peter Gaze, Chairman commented:
"The purchase of SBL provides a unique opportunity for CIHL to expand its existing banking operations in Belize and to capitalize on the significant synergies between the Company's current banking operations and that of SBL. SBL is an excellent strategic and cultural fit and will complement CIHL's overall business objectives."
Person releasing this information on behalf of CIHL: Philip Osborne, Company Secretary
For further information contact:
Caribbean Investment Holdings Limited
Peter Gaze, Chairman: UK (+ 44 7440 731729)
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. SBL, which will be renamed Belize Bank Corporation Limited following closing of the Acquisition, is incorporated and based in Belize, and focusses on the provision of financial services and lending to domestic, particularly retail, 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.