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Banking & Finance

First Caribbean Officially Closes Its Doors in Belize

The Christian Workers Union and CIBC First Caribbean International Bank have signed a memorandum of agreement, MOA. A release from the bank says that both bodies were able to reach an agreement on an exit package for its employees. The MOA was signed last week Friday and today was the bank’s final day of operations in Belize. CIBC First Caribbean has sold its assets and accounts to Heritage Bank. The outgoing Country Manager, Glen Smith, told the media that the signing of the MOA was timely, especially after all the back and forth and protests.

The leadership of the CWU is Attorney Audrey Matura Shepherd. When we called her for a comment she told us that she only learnt that an MOA had been signed yesterday. CWU’s Vice President, Basil Brannon and the Chief Union Delegate, Derick Perera signed on behalf of the Union. Matura told Love News that quote, “CWU did not authorize the signing. I was shocked to find out about it and even more so how come the signing was kept to secret until one week later” end of quote.

Matura Shepherd says that CWU executive will be meeting to discuss and find out what transpired and by Tuesday it is expected that the Union will make its official position known. As for the employees, Smith says that some have been hired by Heritage Bank.

 

CIBC FirstCaribbean is the largest, regionally-listed bank in the English and Dutch speaking Caribbean serving over 400,000 clients in 17 markets, with approximately 2,900 staff, across 66 branches

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