Bahamas - FirstCaribbean International Bank

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STRENGTHWe are strong, built solidly on the foundation of two WorldClass Banks, establishing security, reliability and opportunity.11
Chairman’s ReviewIn late 2002, consequent upon the combinationof CIBC Bahamas Limited and Barclays BankPLC’s retail, corporate and international bankingoperations in The Bahamas, your Board electedme to the position of Chairman of FirstCaribbeanInternational Bank (Bahamas) Limited, and I amhonoured to have this opportunity to present theCompany’s 2002 results.The combination of CIBC Bahamas and Barclaysin the Bahamas and the Turks and Caicos Islandswas clearly the most significant development in2002.Whereas CIBC Bahamas Limited had 13 branchesand an asset base of $1.3 billion, FirstCaribbeanInternational Bank (Bahamas) Limited has 23branches and an asset base of $3.2 billion.The shareholding of the Bank has also changed.Whereas CIBC Bahamas Limited was owned byCIBC West Indies Holdings Ltd. (90.9%) and alargely Bahamian minority (9.1%), theshareholding of the combined bank is sharedbetween FirstCaribbean International BankLimited 95.8% and the minority 4.2%approximately.Subsequent to the end of the reporting period,FirstCaribbean Bahamas’ Rights Issue wasannounced. Pursuant to the 3 for 5 Rights Issue,minority shareholders have the opportunity toacquire 3,000,000 shares at a price of $6.10. If allrights are taken up, the minority holding will beapproximately 6.7%.We continue to believe that the combination willenhance shareholder value despite the presentlevel of pro-forma combined earnings due in themain to the historically low rates of interest. Weexpect that the combined Bank will achievequantifiable synergies and economies of scaleand scope and in addition, any increases ininterest rates will have a favorable impact on theresults of the company.For 2002, a total dividend of 33 cents per sharewas paid based on the results of CIBC BahamasLimited for 11 months to September 30. Theperformance of both legacy banks wasnegatively affected by historically low interestrates and compression of net interest margins.GovernanceAll successful banks must have a rigorous androbust culture of risk management andinternal control, with appropriate systems toensure that they are managed in a prudentmanner. An equally important requirement iscompliance with the regulatory requirementsin the jurisdictions in which they operate.We have taken great care to ensure that in theperiod of integration and beyond, there areadequate organisational arrangements toensure that the requirements for control andregulatory compliance are satisfied.We expect that thecombined bank willachieve quantifiablesynergies and economiesof scale and scope...Both heritage banks have had exemplarypolicies and procedures for the managementof credit, operational and market risk andregulatory compliance. We have selected 'bestpractice' standards from our legacy banks andhave formulated our own procedures and16
Page 3: ContentsOur Heritage 6Notice of Mee
Page 6 and 7: FirstCaribbean International Bank
Page 8 and 9: Our HeritageBarclays BankThrough th
Page 10: Notice of MeetingAnnual MeetingNoti
Page 13 and 14: Directors, Senior Management & Advi
Page 15: Directors’ ReportDIRECTORSIn acco
Page 19 and 20: Chairman’s Reviewpolicies. We are
Page 21 and 22: Group Chief Executive Officer’s R
Page 27 and 28: Country Manager’s ReportYear in R
Page 29 and 30: Country Manager’s ReportBank in 2
Page 31 and 32: Management’s Discussion and Analy
Page 33 and 34: Management’s Discussion and Analy
Page 35 and 36: 34Retail Banking
Page 37 and 38: 36Corporate Banking
Page 39 and 40: 38International Banking
Page 41 and 42: 40Capital Markets
Page 43 and 44: 42Marketing and Communications
Page 45 and 46: 44Human Resources
Page 48 and 49: FirstCaribbeanInternational Bank(Ba
Page 50 and 51: FIRSTCARIBBEAN INTERNATIONAL BANK (
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FIRSTCARIBBEAN INTERNATIONAL BANK (
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FirstCaribbean International Bank(B
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FirstCaribbean International Bank(B
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The undersigned....................
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Bahamas - FirstCaribbean International Bank

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