Shockwaves rippled across the banking sector yesterday when news went out that Senior Vice President at the Belize Bank Louis Swasey had been let go from the Belize Bank.
Swasey confirmed to us today that indeed he is no longer with the Bank but would not discuss the circumstances of his departure because he said he's not sure what's information is out there right now. He had worked at the bank for 40 years, dating back to the days of the Royal Bank of Canada.
President of the Bank Phil Johnson told us Swasey left on good terms and it was confirmed in a staff circular sent out by Chief Executive Officer of British Caribbean Bank Holdings Lyndon Guiseppi. In that circular, Swasey is thanked for his years of service.
When asked if Swasey was terminated, retired, or chose to depart, Johnson would only repeat that he left on good terms and added that he was well respected and well liked.
So what would make the country's biggest bank send home such a senior executive reportedly just after he'd come back from vacation? Well, Johnson strictly denied the rumor there will be a shake-up in the bank's executive ranks triggered by regulatory pressures from the Central Bank.
Johnson chuckled at the rumor that other executives would be sent home, before denying that also. As we've reported, the Belize Bank and its loan portfolio with a non performing ratio hovering around 30% has been brought under sustained pressure from the Central Bank to curtail its debt overhang.