Bahamas - FirstCaribbean International Bank

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Our HeritageBarclays BankThrough the combinedstrengths of CIBC and Barclaysin the Caribbean,FirstCaribbean is poised as oneof the leading banks in theregion. Its size and diversitywill provide staff, customersand shareholders withsignificant potential andopportunity in the years tocome. FirstCaribbean is set tobecome the market leader inservice, products, ease ofaccess and innovation.Bob Hunter, Chief Executive Officer,Barclays Private Clients,LondonBarclays Bank PLC was the oldest banking institution inthe Commonwealth Caribbean. It provided unbrokenservice from May 1837 when its branches first openedtheir doors in the British West Indies.The new bank was greeted with enthusiasm. TheBarbadian described its charter as ‘one of the mostimportant documents that ever found its way fromEurope to the Western Tropical World.’ Offices quicklyopened in Barbados, Trinidad and British Guiana, soonfollowed by St Lucia, Grenada, Antigua, Dominica,St Kitts and St Vincent.The Bank’s first century saw few changes in itsoperations. The major event of this inter-war periodwas the merger of Barclays Bank (UK), the Anglo-Egyptian Bank and the Bank of South Africa, in 1925,to form Barclays Bank (Dominion Colonial andOverseas). The name was subsequently shortened, in1954, to Barclays Bank DCO.The end of World War II brought the greatest change.Until then, most of Barclays' customers came from thecommercial sector. There was now the need to activelyseek out customers in the rest of the community.Establishing branches in rural centres on the largerislands accomplished this. In Trinidad, the expansionwas notable: four branches in 1952, over 30 branchesby the mid-sixties.Government policy became a significant factoraffecting all banks in the region. In Jamaica, theManley Government nationalised Barclays in 1977. InTrinidad and Tobago, Barclays was localised in 1972 –reducing the parents' shareholding.For over 160 years Barclays served the Caribbean. Thesame pioneering spirit which motivated the opening ofthe first branch in 1837, now inflences its combinationwith CIBC to form one of the Caribbean’s largest banks.6
CIBCIn 1920 The Canadian Bank of Commerce decided toextend its operations beyond its national boundaries.The West Indies was selected as the first location fornew international branches. It was anticipated thatthere would be a significant development of tradebetween Canada and the Caribbean area. There hadbeen active trade relations in an earlier period betweenthe Province of Nova Scotia and the West Indies viathe Halifax Banking Company prior to its merger withThe Canadian Bank of Commerce in 1903. Bankexecutives visited the West Indies in 1919, andrecommended to the Board of Directors the opening ofbranches in Cuba, Jamaica and Barbados. The branchin Kingston opened on November 1, 1920 and theBridgetown branch opened on December 20, 1920.Branches soon followed in Port of Spain and Rio deJaneiro in 1921.Application was made to the governments of Jamaica,Trinidad and Barbados for note-issuing privilegessimilar to those enjoyed by other banks in the WestIndies. The Jamaica and Trinidad issues were datedMarch 1, 1929 and the Barbados issue was datedJanuary 2, 1922.With the combined experienceof close to 250 years in theCaribbean under the CIBC andBarclays banners,FirstCaribbean has a clearunderstanding of the businessand consumer needs in thisdiverse group of countries.FirstCaribbean is a bank of theCaribbean, for the Caribbean,with connections to the world.John Hunkin, Chairman and CEO,Canadian Imperial Bank of Commerce,TorontoThe 1950s and 60s saw another spurt in expansion inthe West Indies. Branches were opened in St. James,Trinidad, Nassau, the Bahamas, and in Port Antonio,Buff Bay, and Ochos Rios in Jamaica in the 1950s. Inthe 1960s branches opened in Half Way Tree andMontego Bay, Jamaica, and in Tunapuna, Port of Spainand San Juan in Trinidad, and Scarborough, Tobago.In 1993 a restructuring process was started to capitaliseon changes in the business environment. As a result,CIBC West Indies Limited was incorporated, and wassubsequently listed on the stock exchanges ofBarbados, Trinidad and Tobago, and Jamaica.7
Page 3: ContentsOur Heritage 6Notice of Mee
Page 6 and 7: FirstCaribbean International Bank
Page 10: Notice of MeetingAnnual MeetingNoti
Page 13 and 14: Directors, Senior Management & Advi
Page 15 and 16: Directors’ ReportDIRECTORSIn acco
Page 17 and 18: Chairman’s ReviewIn late 2002, co
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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The undersigned....................
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Bahamas - FirstCaribbean International Bank

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