FirstCaribbean International Bank
From Wikipedia, the free encyclopedia
- For other banks with a similar name, see First Bank.
FirstCaribbean International Bank (FCIB) is a Barbados-based, Caribbean financial services company formed in 2001 as a joint venture merging the Caribbean operations of Barclays Bank and Canadian Imperial Bank of Commerce (CIBC). In March 2006, CIBC and Barclays announced that CIBC would acquire Barclays's share of FCIB and thereby gain sole control of the bank.
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[edit] History
Prior to 2001, the operations of what is now FCIB were run as the separate businesses of Barclays Bank and CIBC West Indies, part of CIBC's group of companies. Barclays had been active in the region since 1837. CIBC's foray into the region began with branches in Jamaica in 1920.
[edit] Stock Exchange listings
FCIB is listed on the stock exchanges of Barbados and Jamaica as well as the Eastern Caribbean Securities Exchange.
[edit] CIBC Control
On March 13, 2006, CIBC and Barclays announced that they had signed a non-binding letter of intent enabling CIBC to acquire 43.7% of the shares of FCIB from Barclays. Upon completion of the transaction, CIBC would own approximately 87.4% of FCIB.
CIBC announced on 22 December 2006 that it had purchased 599,401,230 shares of FirstCaribbean from Barclays for US$988,652,389 (representing US$1.62 per share plus accrued but unpaid dividends). Barclays retained the option to tender all or part of its remaining holding of 66,600,137 shares. CIBC will proceed with a mandatory purchase offer to all remaining shareholders at US$1.62 per share.
FCIB is not the only Canadian controlled bank in the region, Scotiabank, as well as the Royal Bank of Canada also have extensive commercial banking business in the region.
[edit] Locations
FCIB has branches in the following Caribbean countries:
- Anguilla
- Antigua and Barbuda
- Bahamas
- Barbados
- Belize
- British Virgin Islands
- Cayman Islands
- The Commonwealth of Dominica
- Grenada
- Jamaica
- Netherlands Antilles
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
- Trinidad and Tobago
- Turks and Caicos Islands
[edit] Offshore
As well as providing financial services to residents of the Caribbean countries where it operates, FCIB is also a provider of offshore financial services to non residents.
[edit] News and Articles
- FirstCaribbean to invest US$9m in new Barbados Bank Business Centre - July 04th, 2006: Barbados Advocate
- 'Excellent year' for First Caribbean - December 23, 2005: Jamaica Observer daily news
- FirstCaribbean exceeds US$4 billion loan mark - Thursday, April 28, 2005: Caribbean Net News
- CIBC takes control - March 20, 2006: Trinidad and Tobago Express
