Carrying on of International banking business by domestic and foreign banks

(1) A domestic bank licensed under the Domestic Banks and Financial Institutions Act, may carry on international banking business from within Belize only through a separately capitalised subsidiary company which has been granted an international banking licence under this Act. (2) A foreign bank may carry on international banking business from within Belize either through a locally incorporated subsidiary which has been granted an international banking licence under this Act or through a branch which is established and administered separately and independently from any branch or subsidiary which may be carrying on banking business licensed under the Domestic Banks and Financial Institutions Act. CAP. 263.