Thu | Sep 21, 2017

FirstCaribbean Bank to exit Belize

Published:Sunday | January 3, 2016 | 1:00 AM
A FirstCaribbean International Bank branch in Portmore, St. Catherine.

FirstCaribbean International Bank (FCIB) will cease operations in Belize at the end of January to complete the sale of its asset to Heritage Bank.

According to a statement from FCIB, it has received formal approval from the Central Bank of Belize to complete the sale of its assets to Heritage Bank by January 31, and based on this the bank will close its doors on January 29.

However, questions surround the exit package to be offered to the more than 40 employees still working at the

institution.

President of the Christian Worker's Union, Audrey Matura Shepherd on Tuesday said the bank has not met with the Union since October 2015 to discuss the exit package.

In August last year, FCIB announced the sale of its assets, which would make its employees redundant.

At the time of the announcement staff members were in negotiations over a new collective bargaining agreement.

The union has expressed disappointment with the bank for not being forthcoming when questioned about the sale of the bank in July of last year.

- CMC