And, turning now to news from the banking sector, Belize's largest International Bank could be at a terminal crossroads. 7News has received credible reports that Atlantic International Bank is seeking to scale back and possible wind up its operations.
The Bank which has a significant loans portfolio was hit hard in November of 2018 when the Federal Trade Commission in the US named it in a civil compliant against a land scam operation, Sanctuary Belize. That has made it virtually impossible for the bank to do business, which has, reportedly, forced it to face the prospect of closure.
It's a major event for the Belize Banking sector, because of the size and profile of Atlantic International there is the risk that it could cause contamination with the wider banking sector. It is also the second International Bank which has gotten into trouble; the first being Choice Bank, which was shut down by the Central Bank last year.,
But, this time the Central Bank says they have no hand in any shutdown. A release today says, quote, "The Central Bank has received certain information and has initiated remedial action to protect the interests of depositors and customers consistent with its statutory duties and responsibilities.
The Central Bank has not undertaken any action relative to the the operations of Atlantic International Bank Limited to disrupt the operations of the Bank. Any such inference is simply untrue." End quote.
The statement concludes, quote, "the public is assured that the Central Bank is assessing the situation closely and will act as appropriate and in a manner consistent with its statutory mandate." End quote.
We note that Atlantic International has no formal relationship to the regular Atlantic Bank we're all used to - it's related in name only. It offers banking services to mostly foreign customers, mostly Americans.
We'll keep following the story.
