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Mar 3, 2016

Transition from FCIB to Heritage Bank is Relatively Smooth

One month ago, First Caribbean International Bank closed its doors for the last time in Belize. The operation and assets of that bank were taken over by Heritage Bank, previously a much smaller operation. Today, we asked Duncan for an update on the transition. The bank had promised a seamless one, but the sheer size of the undertaking was an indication that it wouldn’t be quite as trouble-free as advertised.

 

Steve Duncan, Managing Director, Heritage Bank

“It never works out that way and fortunately it didn’t work out that way either. I must say it’s mixed though because some things went very well and then we had glitches in a couple areas. To the person who was faced with a glitch they will clearly not be happy, but I believe it would be fair to say that on average it went quite well. If I were to weigh those areas that went well against those areas that did not go so well, I think on average it went well.”

 

Mike Rudon

“And within a short space of time you should be operating normally?”

 

Steve Duncan

Steve Duncan

“That is what it’s about, because for us this is the new norm. There’s no going back. First Caribbean has gone and this is now the new norm, so we have no choice but to get it done. People are now seeing us. First Caribbean is not here so even where it might have been some glitch on the part of First Caribbean, they are not here for them to take it out on, so we are left behind and we have to deal with it. For us it’s the new norm.”

 

Mike Rudon

“And the employees? How has that been going? I know that you all took on some of the employees?”

 

Steve Duncan

“They are just about settled now. They’ve already come over. Everybody has come over now and they have settled down. I think it is working quite well from that perspective. We had to take on quite a bit of new people and they had to learn our systems as well. And so they’ve been a little on the slow side while they come up to speed and learn. I would like to say that a month has passed and what we have been able to accomplish within that month has been quite encouraging.”

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