Oct 2005 Financial News

FirstCaribbean gets award for outstanding serviceÌ

Oct 06, 2005

AS FirstCaribbean marks its third anniversary, the bank is once again the only Caribbean-based financial institution to be named one of the world's best emerging market banks. The award, which the bank has received for the second year in a row, has been presented by Global Finance magazine after its 12th annual survey.

The award was driven by the innovation FirstCarib-bean has displayed in regional projects such as its pan-Caribbean launch of Internet and Telephone Banking earlier this year, and for being the first Caribbean bank to complete a debt issue in the European money markets.

In January, FirstCarib-bean launched its internet and telephone banking service across 15 countries, an achievement made possible by its investment in a single technology platform, which allows it to link its banking systems across the Caribbean and introduce products and services simultaneously throughout the region.

In addition, in March, FirstCaribbean successfully completed an issue of US$200M of subordinated floating rate notes in the Eurobond market.

The transaction was the first subordinated debt from the English-speaking Caribbean to be sold in the public markets, and marked the first time a bank in the region raised capital exclusively in the European markets.

The editors of Global Finance noted that, in their opinion, the winners of this year's awards can best help their clients make the most of the vast opportunities available in the world's diverse and sometimes confusing emerging markets.

The survey was completed with input from industry analysts, corporate executives and banking consultants. Global Finance also noted that it identified the banks that adhere to high standards of corporate governance and possess the imagination to succeed in a challenging environment.

In commenting on the award, Chief Executive Officer, Charles Pink said, "We've completed three challenging years in the life of FirstCaribbean, and while some issues presented themselves early in our life, we have tackled them head on and we have seen vast improvement, both in what our customers are telling us and in our financial performance. We are poised now to consolidate our position and leverage the hard work we have put in over the past three years to take our place as the bank of choice for the Caribbean. Awards like this tell us that the industry believes we are on the right track."

FirstCaribbean is the result of the combination of two complementary and leading financial services businesses in the Caribbean. CIBC West Indies Holdings Limited and Barclays Bank PLC.

FirstCaribbean aims to offer its customers enhanced products and improved and extended access to banking services. FirstCaribbean focuses on the needs of the businesses and people of the Caribbean, while delivering the global reach of its founding institutions.

FirstCaribbean is the largest locally-listed bank in the Caribbean based on a market capitalisation of US $2.4 billion. FirstCaribbean currently serves 16 countries, from Belize, to The Bahamas to Barbados. It has 100 retail branches, corporate and international banking centres, along with some US$9 billion in assets, 3 100 staff and over 700 000 active accounts.


The Barbados Advocate
Wednesday, 6th October, 2005
http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=23041