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Financial News

Jan 2006 Financial News

FirstCaribbean International secures approval

Jan 24, 2006

REGULARITY approval has been given to the sale of ABN's Curacao's Branch to FirstCaribbean International Bank. So says ABN AMRO and FirstCaribbean International Bank in a news release.

They said the approval came from the Central Banks of Curaçao, the Cayman Islands and Barbados. With these approvals the purchase has become final and is expected to be completed on January 31, 2006, said the release.

The two companies first announced in November that they were in discussions with the various regulators about the transaction. ABN AMRO's Curaçao businesses, which include the current ABN Curacao Branch operations and the ABN Curacao Asset Management business, are the largest international banking operations in Curaçao. These successful international banking businesses have assets of around US$1 billion and assets-under-administration of more than US$600 million.

It provides a wide range of wealth management and banking services to international private and corporate clients and to the Trust and fund services industry. The organisation is particularly recognised for its competence in private banking, asset management and cash management.

FirstCaribbean has long had Corporate and Retail banking operations in the northern Netherlands Antilles, in St Maarten, Saba and St. Eustatius .The acquisition of ABN AMRO Curacao's operations is a significant step in implementing the bank's strategic plan to grow both its international corporate and private client business. Given its increased focus is in the area of Wealth Management, FirstCaribbean intends to introduce a range of superior products and services to its entire client base. This acquisition gives the bank an excellent platform to promote those products.

In addition, FirstCaribbean has announced it will continue to identify strategic acquisitions and partnerships to complement its organic growth of this very important business activity.

The Barbados Advocate
Monday, 23rd January, 2006.
http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=24157