The board of Bermuda Stock Exchange-listed Belize bank BCB Holdings Ltd has proposed the reorganisation of the company to its shareholders through the demerger of its non-Belizean businesses into a new holding company Waterloo Investment Holdings Ltd.Waterloo was recently incorporated in the British Virgin Islands as the new holding company for the non-Belizean businesses.The company intends to demerge via a declaration and payment of a dividend by BCB Holdings to shareholders, followed by a capital reduction and repayment to those shareholders satisfied by the transfer of the Non-Belizean businesses and the new loan note to Waterloo.