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Contact:
John Emmanuel
Tuesday, July 08, 2003 - The approval of fifteen (15) regional
governments, eight (8) Central Banks and Monetary Authorities and four (4) Stock
Exchanges across the Caribbean have given rise to the formation of a new
regional financial entity dubbed “FirstCaribbean International Bank,” a merger
of what was formally CIBC Caribbean Limited and Barclays Bank PLC. On Monday,
July 7, 2003 customers throughout the island were exposed to the new entity, its
colours, logo and customer-focused changes.
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FirstCaribbean’s Chief Executive Officer -
Charles Pink |
FirstCaribbean’s Chief Executive Officer - Charles Pink at an
official launching ceremony on Sunday, July 6, 2003 stated that the intention
behind the new venture was simply to be the bank of first choice for customers
and employees in the region, ranking first for service, technology and
innovation. “We intend to be a bank that focuses on the customer; that puts the
customer at the centre of all our planning and processes, and does so with the
most convenient and up to date processes and technology,” exclaimed Pink.
He went on to explain to the sizable audience made up of dignitaries, government
officials, financial planners and a large contingent of bank staffers, who had
to be moved inside Barclays’ Headquarters on Bridge Street due to the inclement
weather, “we intend to make major investments that neither CIBC nor Barclays
would have been able to make on their own. For example, we will introduce new
services like telephone and internet banking. These will give customers choice
in how we serve them. They can be served from their homes or offices, or if they
prefer, they can still come into a branch on the island. We will also be
introducing CIBC’s capital markets across our whole corporate customer base and
we will expand Barclays’ considerable expertise in offshore banking, what we now
call internet banking, to CIBC’s substantial international customer base.”
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Governor General Her Excellency Dame
Pearlette Louisy cutting ribbon |
FirstCaribbean has introduced four key lines of business
across the region to serve distinct customer groups. Retailing banking will
serve personal customers with a complete suite of savings, borrowing and
investment products, while Corporate banking will offer unique products and
services to small and medium size businesses and commercial clients.
Additionally the International banking segment and the Large Corporate and
Capital Markets segments will serve the unique needs of their distinct customer
groups.
Executive Director for Retail Banking - Julian Murillo indicated that St. Lucia
was the seventh in FirstCaribbean’s network to undergo the re-branding changes
as part of the bank’s two-year long integration programme. Later this year,
further technology changes including the installation of a common bank-wide
computer network and the introduction of a new and updated suite of products
will also occur. “CIBC and Barclays obviously had the option of remaining as
separate smaller organizations but when we considered the benefits for our
customers, shareholders and our staff, of pooling resources of both institutions
and doubling our footprints in the region, it became clear to us and to our
parent organizations in Canada and the UK, that a combination however difficult
and complex was the most preferred course of action,” said Murillo.
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First Caribbean International Bank's choir |
Deputy Prime Minister and Minister for Education Honourable
Mario Michel endorsed the venture in light of the fact that banks around the
world and the region were consolidating, forming joint-ventures to achieve size
and critical mass. “The Government of Saint Lucia welcomes the combination and
consolidation of the banking and financial services operation of two traditional
banking giants in Saint Lucia and the creation in the process, of one of the
largest financial institutions in Saint Lucia and indeed in the Caribbean as a
whole. We hope that the new bank will have a long, productive and mutually
rewarding life here on the island, “said Minister Michel.
FirstCaribbean operates six branches in St. Lucia and employs 160 persons.
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