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General Inquiries Why did Barclays and CIBC combine their business in the Caribbean? How can replacing two strong international brands with an unknown brand benefit the region and assist inward investment? Why did you choose the name FirstCaribbean International Bank instead of creating a combination of the two heritage brands? Who is ultimately responsible for FirstCaribbean International Bank – Barclays or CIBC? Isn’t this just a prelude for both Barclays and CIBC pulling out of the Caribbean? How long will they maintain their current holdings? Who is the Chief Executive of FirstCaribbean? Can you explain the ownership structure of FirstCaribbean? Does FirstCaribbean International Bank have its own credit rating? Will there be any change to the way account confidentiality is applied in the International centres?

Q. Why did Barclays and CIBC combine their business in the Caribbean?

This move by Barclays and CIBC reflects their confidence in the maturity of the countries of the Caribbean region. The collective view was that the region was ready for the launch of an internationally recognised Caribbean based bank which has the size and stature to meet the increasingly complex needs of customers banking in the Caribbean region.

Q. How can replacing two strong international brands with an unknown brand benefit the region and assist inward investment?

We are striving to create a strong new regional bank with international reach and the vision to be a market leader with enhanced products, improved services and extended access. The new bank name reflects our commitment to the Caribbean. FirstCaribbean International Bank will deliver the global reach of its founding institutions with a focus on the needs of the people and businesses throughout the Caribbean and on our worldwide international clients.

Over the long term we expect FirstCaribbean International Bank to play an important role in the economic development of the Caribbean and we anticipate that over time this new brand will become as well known in the region as Barclays and CIBC.

Q. Why did you choose the name FirstCaribbean International Bank instead of creating a combination of the two heritage brands?

It was not possible to use the Barclays or CIBC brand as neither bank has a controlling interest which is the established requirement for branding with the parent name. The use of the FirstCaribbean name will, however, incorporate a reference to the bank being an associate of both Barclays Bank PLC and CIBC in order to confirm the substantial interest of both organisations.

Q. Who is ultimately responsible for FirstCaribbean International Bank – Barclays or CIBC?

While both Barclays and CIBC will continue to exercise influence, holding over 87% of the equity of the bank, neither will hold ultimate responsibility alone. FirstCaribbean International Bank is an independent, publicly quoted financial institution with world class internal governance procedures.

Q. Isn’t this just a prelude for both Barclays and CIBC pulling out of the Caribbean? How long will they maintain their current holdings?

Both Barclays and CIBC are committed to the region. Combining operations is a major investment of cost, time and effort by both parties and is representative of that commitment.

Both banks plan to support and build this venture for the foreseeable future. As with any business investment, however, neither can formally commit to a specific timescale.

Q. Who is the Chief Executive of FirstCaribbean?

The CEO is Charles Pink. Until the launch of FirstCaribbean, he was Managing Director for Barclays in the Caribbean; previously he was the Integration Director for Barclays responsible for combining Barclays with the Woolwich PLC (a large UK savings and mortgage bank). There are few people in the world that have experience of integrating two large financial services businesses like this, so he brings a wealth of valuable experience to FirstCaribbean International Bank.

Charles Pink has been with Barclays for 18 years and his other roles have included MD of Global Transactions and Treasury Solutions in Business Banking, running the Euro project for the bank, Change Management and Sales and Product Management.

He has an MBA and an Economics degree from Cambridge University.

Q. Can you explain the ownership structure of FirstCaribbean?

Barclays and CIBC each own, equally, 45% (insert actual figure post rights issue) of the ordinary shares of FirstCaribbean with the remainder held by the public across the region.

Q. Does FirstCaribbean International Bank have its own credit rating?

FirstCaribbean will have an opening market capitalisation of over US$2 billion, close to US$10 billion of total assets and a Tier 1 capital ratio in excess of 14% making it one of the largest and strongest financial institutions in the region. We can confirm that Standard and Poors has given FirstCaribbean a rating of A-.

Q. Will there be any change to the way account confidentiality is applied in the International centres?

FirstCaribbean will not be a branch of a Canadian bank and will not therefore be subject to Canadian regulations requiring such branches to provide details of interest paid to clients to Revenue Canada. There will be no change to the current position for Barclays customers