Farewell, First Caribbean; most workers’ jobs safe

First Caribbean International Bank is selling its local operations to Heritage Bank after more than 60 years of operation dating back to the days of Barclays Bank. The primary concern remained ensuring the safety of 60 workers’ jobs. However, Prime Minister Dean Barrow reports that most of those jobs are in fact safe. He explained.

Prime Minister Dean Barrowvlcsnap-2015-08-11-09h57m08s237
“Well, they say that this is business decision. Clearly, they had ceased being as profitable as they used to be and there are several reasons for that. It’s unfortunate that they are leaving. I am happy that Heritage Bank is purchasing their assets. When both parties have come to see me, both Heritage and First Caribbean, I was assured that certainly the vast majority of the First Caribbean staff will be absorbed by Heritage. They did not say every last single individual employed, but the vast majority will be absorbed by Heritage.”

While the exit is mostly a business decision, should there be concern over it? Prime Minister Barrow says no, and also denied suggestions that Government is bankrolling the Heritage takeover.

Prime Minister Dean Barrow
“No, there is no question of any difficulties with the jurisdiction. This is clearly their business model not having been able to continue to do as well in changing circumstances where competition is keener than ever before. So, it is unfortunate, but I don’t think we should make too much of it.”

Reporter

“Sir, has government been asked to or sought to provide any sort of sovereign assistance, any form or fashion of sovereign assistance to Heritage in its purchasing of the assets of FCIB?”

Prime Minister Dean BarrowHeritage

“No, no.  That’s private commercial banking activity.  It’s a private commercial transaction.  We have not been asked.”

 

 

The sale will take another three to four months to complete.

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