BELMOPAN, Belize (CMC) – First Caribbean International Bank (FCIB) will cease operations here the end of January to complete the sale of its asset to Heritage Bank.

According to a statement from FCIB, it has received formal approval from the Central Bank of Belize to complete the sale of it’s assets to Heritage Bank by January 31 and based on this the bank will close its doors on January 29.

However, questions surround the exit package to be offered to the more than 40 employees still working at the institution.

President of the Christian Worker’s Union (CWU) Audrey Matura Shepherd on Tuesday said the bank has not met with the Union since October to discuss the exit package.

In August, FCIB announced the sale of its assets, which would make its employees redundant.

At the time of the announcement staff members were in negotiations over a new collective bargaining agreement.

The union has expressed disappointment with CIBC for not being forthcoming when questioned about the sale of the bank in July of this year.