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Mar 3, 2016

…Heritage Bank’s Managing Director Explains

Steve Duncan

So what’s behind this crisis for pensioners early in the New Year? Well, there are only two things in banking that have changed significantly and recently – one is the loss of correspondent banking relationships and the other is the transition of First Caribbean to Heritage Bank. We asked Duncan if either, both, or none of those things are responsible for the missing pensions.


Steve Duncan, Managing Director, Heritage Bank

“I would think it is possible…and I don’t want to speculate but it is possible they both had a role to play. However I think the transition from First Caribbean to Heritage Bank…I don’t know if the banks abroad recognizing that First Caribbean is no longer in Belize changed how they used to do the transactions. And that is what we are trying to pick up the pieces to make sure it comes through smoothly. Even though there was a change from First Caribbean to Heritage Bank, there is no change in Scotiabank so at least it should have reached Scotiabank. So that is why I said I don’t want to speculate. As soon as we are able to clear up what caused it we’ll have a better understanding. In the case of the Barclays pensioners the transition did play a role. Barclays recognizing that First Caribbean is no longer in Belize decided to do something different than they did in the past. And I think it is that transition which prompted that one.”

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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2 Responses for “…Heritage Bank’s Managing Director Explains”

  1. Timber says:

    Don’t you think my relative and friend that the parent companies of First Caribbean should have been notified? Account numbers should not have changed and even if you had converted them to Heritage’s system, there’s a procedure where you could have gotten a decent IT person to add a number or some sort of alpha-numeric sequence in front of those accounts in order to differentiate what’s First Caribbean’s and what’s Heritage’s. I’ve mentioned before and you may want to take heed, you’re swimming with a bunch of sharks in the name of the UDP administration and I’m afraid if this all falls down, you’ll be the scapegoat. I asked before in previous blogs, who vetted this merger? Did Heritage Bank even have enough assests to take over First Caribbean? Be careful Steve! Jail is not a good place for you to be at if government changes hands and there are gross irregularities and misconduct found. I digress.

  2. cayo says:

    its sad that First Caribbean left Belize,
    if you go to Heritage bank make sure you have 3hrs to waist.
    and ask them to look up your credit card balance the cannot the need to call Belize city
    and if its lunch time the don’t even answer.
    waist of time…………

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