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Aug 4, 2015

Acquisition of FCIB Means Growth for Heritage But What About Employees?

Glenford Ysaguirre

The purchase of FirstCaribbean’s resources sets the stage for Heritage Bank to expand its operations across the country and with that growth comes a need for additional human resources.  According to Ysaguirre, the changeover should hopefully see minimal displacement of FirstCaribbean’s present staff.


Glenford Ysaguirre, Governor, Central Bank

“With regards to the employees though, their arrangement is with FirstCaribbean and since FirstCaribbean is winding up its business in Belize or selling off its assets and transferring its liabilities their obligation to settle with them would be under the collective bargaining agreement because they are represented by the Christian Workers Union and the requirements of the labor act.  So that would be a direct contract between them, the employees and FirstCaribbean and I don’t think that Heritage would have any obligation in that regard.  I do understand from Heritage though and also from FirstCaribbean, the representatives from FirstCaribbean that as much as possible Heritage will seek to probably reemploy some of the staff from FirstCaribbean.  It’s a well-trained and experienced staff and Heritage will certainly with this acquisition of assets and portfolios and buildings, would be expanding its footprint nationally and so they would require additional staff to do so.  So I expect that maybe a large percentage of that staff may be retained in the business hopefully and that may mean minimal dislocations.”


As of March thirty first, First Caribbean assets stood at three hundred point three million dollars while its liabilities at two hundred and eighty-two million, according to the Central Bank reports.

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