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ABN AMRO’s Banking Operations In Curaçao To Join With FirstCaribbean International Bank
FirstCaribbean International Bank and ABN AMRO have announced today that FirstCaribbean intends to acquire ABN AMRO’s international banking and asset management business in Curaçao, Netherlands Antilles, subject to the regulatory approval by the Central Banks of Curaçao, The Cayman Islands and Barbados. This combination will create one of the Region’s leading providers of international banking services. Curaçao is the seventeenth country in which FirstCaribbean will have established a presence in the last three years. The Bank has long had corporate and retail banking operations in the northern Netherlands Antilles, in Sint Maarten, Saba and Sint Eustatius. FirstCaribbean is the largest, publicly-traded bank in the English-Speaking Caribbean and it is listed on five regional stock exchanges. It has a balance sheet of over US$9 billion and a strong A-Stable rating from Standard and Poor’s. Its main shareholders include Barclays Bank (43%), CIBC (43%) and a range of regional investors.
The ABN AMRO’s Curaçao businesses, which include the current ABN Curaçao branch operations and the ABN Curaçao Asset Management business, are the largest international banking operations in Curaçao. These successful international banking businesses have assets of around US$1 billion and assets-under-administration of more than US$600 million. It provides a wide range of wealth management and banking services to international private and corporate clients and to the
trust- and fund services industry. The organization is particularly recognized for its competence in private banking, asset management and cash management.
ABN AMRO carefully selected FirstCaribbean as a buyer. It is confident that FirstCaribbean is a solid on-going partner for its clients. This acquisition is also in line with First Caribbean’s strategy to be the region’s leading wealth management bank, as this acquisition will significantly enhance its current corporate and private banking business. ABN AMRO’s decision to sell its Curaçao business follows a strategic review, in which it concluded that as a dedicated and specialised international financial service provider, it would be an excellent fit with FirstCaribbean, who was fully focused on international banking, in this region.
The highly qualified staff and dedicated management team led by Managing Director, Pim van der Burg, will continue to manage the business. The ABN AMRO’s Curaçao banking operations will continue under the brand name of FirstCaribbean and will report to Jan-Arne Farstad, the Executive Director of FirstCaribbean International Banking. Upon completion of this transaction, this business segment will be rebranded FirstCaribbean International Wealth Management.
Pim van der Burg, Senior Vice President and Managing Director of ABN AMRO Curaçao, said: “We are convinced that FirstCaribbean is the right partner to continue and enhance the service we offer to our clients. The combination of our expertise and value-added products, combined with FirstCaribbean’s leading position, will result in an superbly focused provider of international financial services, offering excellent opportunities for both our clients and our staff.�
Jan-Arne Farstad, Executive Director of FirstCaribbean, said: “The acquisition of ABN AMRO Curaçao’s operations is a significant step in implementing our strategic plan to grow both our international corporate and private client business. Given our increased focus is in the area of Wealth Management, we intend to introduce a range of superior products and services to our entire client base. This acquisition will give us an excellent platform to promote those products. In addition, we will continue to identify strategic acquisitions and partnerships to complement our organic grow of this very important business activity of FirstCaribbean.�
Michael Mansoor, Executive Chairman of FirstCaribbean, stated, “The ABN AMRO organization in Curaçao is a well-run company that has been providing outstanding service in International Wealth Management. We look forward to welcoming it to the FirstCaribbean Group. We have had a long connection with the Netherlands Antilles through our operations in St. Maarten, so this is a natural progression for us. With the experience and excellence in customer service this team brings, we expect this to be a mutually beneficial partnership for all�
Charles Pink, Chief Executive Officer of FirstCaribbean, added, “FirstCaribbean seeks to be the Bank of first choice for its customers, shareholders and employees. We see the proposed acquisition of ABN AMRO’s Curaçao operations as another step in what should become a much bigger commitment to the entire region we serve. Curacao itself offers a favourable jurisdiction for international banking, and has developed as a professional financial centre with the presence of leading accountancy firms, and well-regarded financial institutions. Being a part of the Kingdom of the Netherlands, Curaçao offers a ‘safe haven’ proposition in general, and in particular, due to its geographic location, to Latin American corporate and private clients. We are very excited about the possibilities this new venture opens for FirstCaribbean and Curaçao�
The transaction is expected to be completed after gaining the necessary regulatory approvals from relevant authorities.
About ABN AMRO Bank Curaçao
The ABN AMRO Curaçao banking operations serve approximately 3.000 international corporate and private clients with total assets of around US$1 billion and US$600 million assets-under-management.
The Bank’s offices are in Curaçao, Netherlands Antilles and it has a staff of 75 employees.
About ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 899.3 billion (as at 30 September 2005). It has over 3,000 branches in more than 60 countries and territories, and has a staff of over 98,000 worldwide. ABN AMRO is listed on the Euronext and New York stock exchanges.
The ABN AMRO’s Curaçao businesses, which include the current ABN Curaçao branch operations and the ABN Curaçao Asset Management business, are the largest international banking operations in Curaçao. These successful international banking businesses have assets of around US$1 billion and assets-under-administration of more than US$600 million. It provides a wide range of wealth management and banking services to international private and corporate clients and to the
trust- and fund services industry. The organization is particularly recognized for its competence in private banking, asset management and cash management.
ABN AMRO carefully selected FirstCaribbean as a buyer. It is confident that FirstCaribbean is a solid on-going partner for its clients. This acquisition is also in line with First Caribbean’s strategy to be the region’s leading wealth management bank, as this acquisition will significantly enhance its current corporate and private banking business. ABN AMRO’s decision to sell its Curaçao business follows a strategic review, in which it concluded that as a dedicated and specialised international financial service provider, it would be an excellent fit with FirstCaribbean, who was fully focused on international banking, in this region.
The highly qualified staff and dedicated management team led by Managing Director, Pim van der Burg, will continue to manage the business. The ABN AMRO’s Curaçao banking operations will continue under the brand name of FirstCaribbean and will report to Jan-Arne Farstad, the Executive Director of FirstCaribbean International Banking. Upon completion of this transaction, this business segment will be rebranded FirstCaribbean International Wealth Management.
Pim van der Burg, Senior Vice President and Managing Director of ABN AMRO Curaçao, said: “We are convinced that FirstCaribbean is the right partner to continue and enhance the service we offer to our clients. The combination of our expertise and value-added products, combined with FirstCaribbean’s leading position, will result in an superbly focused provider of international financial services, offering excellent opportunities for both our clients and our staff.�
Jan-Arne Farstad, Executive Director of FirstCaribbean, said: “The acquisition of ABN AMRO Curaçao’s operations is a significant step in implementing our strategic plan to grow both our international corporate and private client business. Given our increased focus is in the area of Wealth Management, we intend to introduce a range of superior products and services to our entire client base. This acquisition will give us an excellent platform to promote those products. In addition, we will continue to identify strategic acquisitions and partnerships to complement our organic grow of this very important business activity of FirstCaribbean.�
Michael Mansoor, Executive Chairman of FirstCaribbean, stated, “The ABN AMRO organization in Curaçao is a well-run company that has been providing outstanding service in International Wealth Management. We look forward to welcoming it to the FirstCaribbean Group. We have had a long connection with the Netherlands Antilles through our operations in St. Maarten, so this is a natural progression for us. With the experience and excellence in customer service this team brings, we expect this to be a mutually beneficial partnership for all�
Charles Pink, Chief Executive Officer of FirstCaribbean, added, “FirstCaribbean seeks to be the Bank of first choice for its customers, shareholders and employees. We see the proposed acquisition of ABN AMRO’s Curaçao operations as another step in what should become a much bigger commitment to the entire region we serve. Curacao itself offers a favourable jurisdiction for international banking, and has developed as a professional financial centre with the presence of leading accountancy firms, and well-regarded financial institutions. Being a part of the Kingdom of the Netherlands, Curaçao offers a ‘safe haven’ proposition in general, and in particular, due to its geographic location, to Latin American corporate and private clients. We are very excited about the possibilities this new venture opens for FirstCaribbean and Curaçao�
The transaction is expected to be completed after gaining the necessary regulatory approvals from relevant authorities.
About ABN AMRO Bank Curaçao
The ABN AMRO Curaçao banking operations serve approximately 3.000 international corporate and private clients with total assets of around US$1 billion and US$600 million assets-under-management.
The Bank’s offices are in Curaçao, Netherlands Antilles and it has a staff of 75 employees.
About ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 899.3 billion (as at 30 September 2005). It has over 3,000 branches in more than 60 countries and territories, and has a staff of over 98,000 worldwide. ABN AMRO is listed on the Euronext and New York stock exchanges.
