May 2008 Financial News

John Orr to replace Pink at FirstCaribbean

May 09, 2008

Charles Pink, chief executive officer of FirstCaribbean International Bank (FCIB), is departing the company mid-summer after six years at the helm to take on 'new challenges'.

John Orr, a current board member of the Barbados based banking group and an executive of CIBC, FirstCaribbean's parent, will replace Pink in August.

"It is with great sadness that I see Charles leave the company, although I understand his desire to seek new challenges at this stage in his career," said FirstCaribbean chairman Michael Mansoor in a statement from Bridgetown.

"We have achieved a great deal working together at the helm of FirstCaribbean and I wish him and his family well in the future."

FCIB declined further comment on Pink's move, saying only that his leaving was at his own request.

The bank also recently appointed another CIBC executive and part-time university professor, Don Coulter, as chief financial officer, effective April 14.

Coulter was vice-president with responsibility for merchant banking, investment and corporate banking, commercial banking and financial advisory with CIBC's World Markets Finance prior to his Bridgetown appointment.

Pink has run FirstCaribbean since its creation in October 2002. The bank was formed from the merger of the regional operations of Barclays of the United Kingdom and CIBC of Canada and listed on the regional stock exchanges.

Key role

CIBC bought out Barclays' share in 2006 and now owns more than 90 per cent of FCIB.

Orr played a key role in that acquisition, said FCIB, in his role as deputy head of corporate develop-ment in CIBC.

Said Pink: "Being CEO of FirstCaribbean has been a wonderful experience. I want to thank the board for their support over six great years. I especially want to thank our 3,600 fantastic employees across the Caribbean who have been the best team a CEO could wish for."

Pink has built a banking group that sports US$12 billion (J$852 billion) in assets and market capitalisation of US$3 billion (J$210.5 billion), and is a top performer in the regional banking sector.

FCIB has a presence in 17 markets in the Caribbean, representing 800,000 client accounts, and has a growing reputation as a deal broker and arranger of financing under its capital markets team.

Last year, its profits climbed to US$261 million, up 59 per cent from the US$164 million made in 2006.

Regional rival RBTT Financial Holdings is yet to publish its 2007 year end results but made US$152 million in 2006.

FirstCaribbean, which is the number four bank in Jamaica behind RBTT at number three, is also now facing even bigger regional competition.

The merger of RBTT of Trinidad with Royal Bank of Canada's regional operations will create a larger bank at midyear - with assets closer to US$14 billion and 1.6 million accounts - to be rolled out under the Royal Bank banner.

Orr is taking over at the juncture of RBC's re-emergence in big regional markets of Jamaica and Trinidad.

Deep experience

Tagged as having "deep experience" in retail, corporate, investment and international banking, the CIBC executive is stepping in, said Mansoor, with the right set of skills, given FCIB's plans to develop.

Orr has worked 13 years with CIBC, and is currently executive vice-president and managing director in charge of international retail banking, and deputy head of corporate development.

He also sits on the boards of CIBC Bank and Trust Company (Cayman) Limited and CIBC Trust Company (Bahamas) Limited.

"All of us on the board of FirstCaribbean are very pleased to welcome John to our organisation," said Mansoor.

"He has the right combination of skills to lead FirstCaribbean at the current stage of our company's development and in the present economic environment. In addition, his strong relationships within CIBC will greatly benefit FirstCaribbean as we seek new growth opportunities in years ahead."

Orr will be moving with his wife and three children to Barbados to take on his new job.

"I am excited to have been given this opportunity to join the great team we have at FirstCaribbean," he said. "I have great respect for what Charles and his colleagues have achieved during the last six years at FirstCaribbean, which is positioned well for continued growth."


Source:
lavern.clarke@gleanerjm.com
Jamaica Gleaner
Friday May 9, 2008

http://www.jamaica-gleaner.com/gleaner/20080509/business/business6.html