Barclays and CIBC announced last week that, subject to regulatory and all other required approvals, the two banks will combine their Caribbean retail, corporate and offshore banking operations, creating FirstCaribbean International Bank, described as an *”important new force in financial services throughout the region.”*
Reportedly, the Private Banking operations and clients of both Barclays and CIBC are not included within the scope of the proposed combination, and will remain under their respective Barclays and CIBC brands.
A notice to customers advised that the purpose behind the proposed combination of the Barclays and CIBC resources, strength and people throughout the Caribbean is the formation of *”a major financial institution”* to better serve customers. Additionally, the combination of operations will allow both entities to play a stronger role in the economic growth of the Caribbean. FirstCaribbean International Bank will be a new force for banking in the region, and is expected to invite investment and encourage growth.
If required approvals are forthcoming, FirstCaribbean International Bank will bring together more than 225 years of Caribbean tradition and experience, along with outstanding international connections and resources. The FCIB will deliver the global reach of its founding institutions while focusing on the needs of its customers throughout the Caribbean.