LAUNCH OF FIRST CARIBBEAN INTERNATIONAL BANK IN GRENADA  

Banking officials on the island have described Monday January 27th as an historic day for the sector in Grenada . At around 8:00 a.m. that morning the name Barclays Bank no longer existed on the island, following the merger involving two major financial institutions in the region last year.

Barclays Bank and Canadian Imperial Bank of Commerce (CIBC) based in Toronto, Canada, combined their retail, corporate and offshore Caribbean banking operations and launched First Caribbean International Bank. As of January this year the two financial institutions are the majority shareholders of the bank having a 43.75% share holding each, with the remaining 12.5% of shares actively traded on the various Caribbean stock exchanges. A short ribbon cutting ceremony was held to officially launch the bank in Grenada on Monday.

A number of the bank's senior executives based overseas, along with staffers, President General of the Technical and Allied Workers Union (TAWU) Chester Humphrey and customers turned up to witness the event. Executive Director of First Caribbean, Sharon Brown, noted that the bank is more than just a name. It portrays what the institution stands for in the minds of existing customers, potential customers, employees shareholders and the public at large.

She said that every encounter and contact with the staff, will help shape perceptions of the brand, the way employees conduct business, the range and quality of products offered, the services and channels provided, and the vision and values, they hold. Brown pointed out that First Caribbean is taking the next logical step in the evolution of its business, by creating  a world class, truly Caribbean bank, but one with a broad reach across the region and links around the world.

Chief Executive Officer of First Caribbean Charles Pink, reiterated the role the bank plans on playing in its service to Grenada and the region. He promised that they will provide the highest standard of innovative products and services and build on the heritage and continued 87.5% share holding of CIBC and Barclays.

According to the Chief Executive Officer, First Caribbean will treat all its customers and staff honestly and genuinely, with integrity and care, as well as listening to what the customers have to say. He promised that the bank will endeavor to act as a professional business partner, which understands its customers' financial needs and will provide advice, service and solutions accordingly.

Pink stated that from being built  from the foundation of two strong, secure banks with some US $9 billion in assets, $800m of Capital and an A credit rating  they plan to provide customers with the reassurance, safety and security one can expect from a major international bank.

Finance Minister Anthony Boatswain who cut the ribbon to signal the opening has high expectations for the institution. He said that the opening represents a milestone for commercial banking in Grenada and throughout the Caribbean region as a whole.

Boatswain reiterated that the combined strength of two of the region's most premiere financial institutions can only be viewed as a strategic move that deserves strong commendation and support. The Finance Minister envisages that the union  that the union will  bring significant  benefits for their customers, investors and the Grenadian economy as a whole.

"One would expect that with this merger First Caribbean International Bank would be able to provide more credit facilities to its customers and a wider variety of products and services, such as telephone and internet banking" Boatswain indicated. He added that the new institution should mean an increased money supply available for the Grenadian public and a more competitive and capital enriched banking system.

First Caribbean is offering services through more than 120 ATMs, 5 Offshore banking centers, Corporate banking units in all 15 countries and 3 credit card service centers. Grenada is the first country in the OECS  to undergo the re-branding changes as part of the bank's two-year long integration programme. First Caribbean operates four branches in Grenada and employs 70 employees.