First Caribbean International Bank issued a release today 31 July 2008 to state that it has no plans or intentions to sell its business in Belize. The Bank says it remains committed to its Belize business, its staff and customers and continuing to provide customers with the same excellent level of service to which they are accustomed. The bank says any rumors to the contrary are simply untrue.
The press release comes amidst a feud between the new United Democratic Party overnment and various banking institutions, namely the Belize Bank Ltd, and First Caribbean Bank. Since taking office in February 2008, the new Belize Government has been persecuting various business establishments and investors including Lord Michael Ashcroft owner of the Belize Bank. It has taken out lawsuits against both banks for allegedly conducting foreign exchange transacations on the parallel market over five years ago - a practice common to most Belize businesses when Casas De Cambio (Foreign Exchange Centers) were licensed for operation.
The Government of Belize has hired a battery of private attorneys close to the party at an alleged cost of millions of dollars to launch a slew of law suites, amend the constitution and even pass laws in one day day sittings of the legislature in what some local commentators see as an attempt to conduct a political vendetta against entities that did not support its efforts to gain power. Another theory is that the Government of Belize wishes to drive certain business establishments and investors out of Belize to make room for political cronies.
So far, despite it's best efforts, the Belize Government has been losing the battle against its alleged enemies in round after round of court cases. The press release today by First Caribbean Bank International is seen by local observers as an attempt to defend itself from a continuing smear campaign being conducted by media houses including a newspaper, radio and television stations controlled by the government.
FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury and Capital Markets. It is the largest, regionally-listed bank in the English-speaking Caribbean, with assets of over US$12 billion and market capitalisation of US$3 billion. The Bank has over 3,500 staff; over 100 branches, banking centres, and offices in 17 regional markets, serving 800,000 active accounts.
FirstCaribbean has maintained an "A-" rating by Standard & Poor's from inception, the highest rating of any commercial bank in the Caribbean Community. It was formed in 2002 with the merger of CIBC West Indies Holdings and Barclays Bank PLC Caribbean operations. As at December 22nd 2006, CIBC became the majority shareholder in
The Government of Belize has hired a battery of private attorneys close to the party at an alleged cost of millions of dollars to launch a slew of law suites, amend the constitution and even pass laws in one day day sittings of the legislature in what some local commentators see as an attempt to conduct a political vendetta against entities that did not support its efforts to gain power. Another theory is that the Government of Belize wishes to drive certain business establishments and investors out of Belize to make room for political cronies.
So far, despite it's best efforts, the Belize Government has been losing the battle against its alleged enemies in round after round of court cases. The press release today by First Caribbean Bank International is seen by local observers as an attempt to defend itself from a continuing smear campaign being conducted by media houses including a newspaper, radio and television stations controlled by the government.
FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury and Capital Markets. It is the largest, regionally-listed bank in the English-speaking Caribbean, with assets of over US$12 billion and market capitalisation of US$3 billion. The Bank has over 3,500 staff; over 100 branches, banking centres, and offices in 17 regional markets, serving 800,000 active accounts.
FirstCaribbean has maintained an "A-" rating by Standard & Poor's from inception, the highest rating of any commercial bank in the Caribbean Community. It was formed in 2002 with the merger of CIBC West Indies Holdings and Barclays Bank PLC Caribbean operations. As at December 22nd 2006, CIBC became the majority shareholder in
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