News: FCIB looks to set up in T&T

(TTG 05/05/2006) Port of Spain - Chief executive of the First Caribbean International Bank (FCIB), Charles Pink, says that the Barbados-based regional banking franchise is looking to establish a retail presence in the local market.

Speaking last month, Pink said FCIB was working on plans to open a retail branch in Trinidad by the end of this year.

These plans include getting a retail licence and other regulatory approvals as well as finding a suitable location for its first retail banking branch in this country.

“We are very interested in further expansion in the T&T market, given the growth and vibrancy of the economy,” said Pink.

Questioned on whether FCIB would be interested in acquiring RBTT as a result of decline in the share price of the local financial institution, Pink said, “I have no comment to make on that.”

FCIB first gained a toehold in the local market in November 2004 when it acquired the Mercantile Bank, the boutique merchant bank, which was established by former employees of Republic Bank including Dunbar McIntyre and Lloyd Samaroo.

Mercantile had assets of about $400 million when it was purchased by FCIB.

Pink also disclosed that he would be transferring his employment to FCIB following the move by the Canadian Imperial Bank of Commerce (CIBC) to buy out Barclays, its joint venture partner in FCIB.

Pink had come to FCIB from Barclays.

CIBC is paying about Can $1 billion to acquire the 45 per cent of FCIB held by Barclays at a price per share which was substantially below where the stock was trading on three of the region’s stock markets—T&T, Barbados and Jamaica.