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Belize central bank names new liquidator for Choice Bank

The Central Bank of Belize said it appointed Kareem Michael as the new liquidator for Choice Bank Ltd., effective July 22.

Michael will leave his current position of deputy governor for research, financial supervision and compliance at the central bank as he looks to bring Choice Bank's liquidation "to an effective close."

Choice Bank's license was revoked in June 2018, prohibiting the company from continuing its international banking business. That followed the suspension of its license for prepaid card services in April 2018, after which the lender suspended the withdrawal of deposits and started to phase out the use of its prepaid cards.

"Choice Bank has failed to provide the central bank with a plan, deemed satisfactory, that indicated their ability or willingness to resolve the situation," the central bank said in an earlier statement. "After a special examination at Choice Bank's offices, the central bank concluded that the actions taken by the ownership and management of Choice Bank were insufficient to properly rectify the situation."