Belize City- Government-owned National Bank of Belize (NBB) during the last quarter of 2017 charged the lowest average interest rates to its customers of all banks in Belize.
A recently published report from the Central Bank of Belize indicates that NBB’s average interest rate charged on its loans was 6.57%. The highest average interest rate during that period was charged by Belize Bank, namely 10.69%. Scotia Bank on average charged their customers 8.89%, Atlantic Bank 9.22% and Heritage Bank 8.35%.
NBB also scored best when it comes to the interest the bank pays its customers on deposits. NBB paid customers on average 2% on deposits, while Heritage Bank (0.45%) and Scotia Bank (0.79%) offered the lowest interest on deposits. Atlantic Bank paid its customers 1.89% and Belize Bank 1.40%.
National Bank of Belize Limited opened its doors for business on September 2, 2013 in the nation’s capital, Belmopan. The bank is fully owned by the Government of Belize and is still a relatively small player with only 2 branches, namely the main office in Belmopan and a branch office on Regent Street in Belize City. Despite the relatively low interest rate charged on loans, the bank still enjoys less brand recognition compared to the other (and bigger) commercial banks in the country.
The Governing Board of NBB is formed by Dr Carla Barnett as Chairman, Marion Palacio as Vice Chairman, Dylan Reneau as director and Barbara Hall, also director.