BELMOPAN, Belize (CMC) – The locally owned Heritage Bank Limited (HBL) has bought over the CIBC First Caribbean Bank pending approval by the central banks of Belize and Barbados.

“We have a strong team in Belize and these decisions are never easy, however it was necessary to sharpen our focus on the growth opportunities we have in other markets where we operate,” said Rik Parkill, the Chief Executive Officer of CIBC First Caribbean’s Regional Operations.

“We conducted a strategic review of our business across the region and given the growth path we have identified we have made the difficult decision to sell our Belize operations,” he added.

HBL Managing Director Stephen Duncan described the acquisition as an excellent opportunity which will cement the bank’s operation in the Belize market.

CIBC First Caribbean did not disclose the cost of the sale, but Parkhill said that the bank has already informed staff and shared information about potential opportunities for them with Heritage Bank Limited.

But the Christian Workers Union (CWU) said that at least 60 employees will become unemployed as a result of the sale that is expected to come into effect within the next three to four months.

In a statement, CWU said that it was also disappointed with CIBC for not being forthcoming when the question was directly put to them via a letter dated July 3.

The union said it would be working to ensure that the workers from the CIBC five branches, who have been told that they need to re-apply to HBL for their jobs, are given a proper exit package.

The CWU said that it would enter into negotiations on Thursday with CIBC on a long-overdue Collective Bargaining Agreement (CBA) to replace the one which expired on December 31, 2013.