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FirstCaribbean Intends To Acquire the Mercantile Bank
Bridgetown, Barbados, 4th November, 2004 - FirstCaribbean International Bank Limited and The Mercantile Banking & Financial Corporation Ltd in Trinidad, today announced that FirstCaribbean intends to acquire The Mercantile Bank, subject to regulatory approval by the Central Banks of Trinidad & Tobago, and Barbados.
Trinidad and Tobago is the sixteenth country in which FirstCaribbean will have established a presence, since its formation two years ago. This powerful, pan-Caribbean financial services institution is the largest publicly-traded Bank in the Region. FirstCaribbean is the product of the combination of the Caribbean operations of former Barclays Bank and Canadian Imperial Bank of Commerce (CIBC). FirstCaribbean is already listed on the stock exchange of Trinidad and Tobago, as well as the stock exchanges in Barbados and Jamaica.
The Mercantile is a successful corporate bank that services the Trinidad & Tobago market. The Bank, with assets of over TT$400 million, has been in operations since 1998. The Mercantile Banking & Financial Corporation Ltd, is licensed by the Central Bank of Trinidad and Tobago as a Merchant Bank, Finance House, Mortgage Institution and Trust Company, and an authorized Foreign Exchange Dealer.
Dunbar McIntyre, Lloyd Samaroo and Victor Mouttet, noted for their distinguished careers in financial services in Trinidad and Tobago, will continue to provide support and guidance during the transition. Mr. Dunbar McIntyre will proceed on retirement early next year. Mr. Lloyd Samaroo will continue as the leader of FirstCaribbean, Trinidad and Mr Victor Mouttet will continue in his role of Executive Director of the Trinidad Operations.
Dunbar McIntyre, Chairman of The Mercantile, said, “With the completion of the transaction, FirstCaribbean will be a welcome addition to the financial services sector in Trinidad and Tobago�. Mr. McIntyre noted, “FirstCaribbean’s unique combination of financial strength, pan-Caribbean reach, range of services and international links with its two major shareholders Barclays and CIBC, will be most welcome�.
Lloyd Samaroo, The Mercantile’s Chief Executive Officer and Managing Director designate of FirstCaribbean Trinidad stated, “FirstCaribbean is highly regarded in the Region. It has an “A-Stable� credit rating by Standard & Poors – the highest of any of the commercial banks in the English-speaking Caribbean. They bring a strong balance sheet, an appetite for lending and an innovative approach to banking. I anticipate that this will be in much demand in the Trinidad and Tobago market�. Mr. Samaroo noted, “ when we receive approval from the regulators to begin operations, FirstCaribbean will focus on corporate banking and capital market activities, but over time we will expand our range of products�.
Michael Mansoor, Executive Chairman of FirstCaribbean, stated, “The Mercantile is a well-run financial services company and we look forward to welcoming it to the FirstCaribbean Group. We have long wished to establish a strong, physical presence in Trinidad. Given the
range of Trinidad and Tobago customers we already service, this would be like coming home. We will aim to be a new and fresh choice to the commercial banking market.�
Charles Pink, Chief Executive Officer of FirstCaribbean, added, “FirstCaribbean seeks to be the Bank of first choice for its customers, shareholders and employees. Our entry into Trinidad would be an important step in ensuring that we can better serve customers operating in the key Trinidad market. We see the proposed acquisition of Mercantile as just the first step in what should become a much bigger commitment to Trinidad & Tobago.�
Trinidad and Tobago is the sixteenth country in which FirstCaribbean will have established a presence, since its formation two years ago. This powerful, pan-Caribbean financial services institution is the largest publicly-traded Bank in the Region. FirstCaribbean is the product of the combination of the Caribbean operations of former Barclays Bank and Canadian Imperial Bank of Commerce (CIBC). FirstCaribbean is already listed on the stock exchange of Trinidad and Tobago, as well as the stock exchanges in Barbados and Jamaica.
The Mercantile is a successful corporate bank that services the Trinidad & Tobago market. The Bank, with assets of over TT$400 million, has been in operations since 1998. The Mercantile Banking & Financial Corporation Ltd, is licensed by the Central Bank of Trinidad and Tobago as a Merchant Bank, Finance House, Mortgage Institution and Trust Company, and an authorized Foreign Exchange Dealer.
Dunbar McIntyre, Lloyd Samaroo and Victor Mouttet, noted for their distinguished careers in financial services in Trinidad and Tobago, will continue to provide support and guidance during the transition. Mr. Dunbar McIntyre will proceed on retirement early next year. Mr. Lloyd Samaroo will continue as the leader of FirstCaribbean, Trinidad and Mr Victor Mouttet will continue in his role of Executive Director of the Trinidad Operations.
Dunbar McIntyre, Chairman of The Mercantile, said, “With the completion of the transaction, FirstCaribbean will be a welcome addition to the financial services sector in Trinidad and Tobago�. Mr. McIntyre noted, “FirstCaribbean’s unique combination of financial strength, pan-Caribbean reach, range of services and international links with its two major shareholders Barclays and CIBC, will be most welcome�.
Lloyd Samaroo, The Mercantile’s Chief Executive Officer and Managing Director designate of FirstCaribbean Trinidad stated, “FirstCaribbean is highly regarded in the Region. It has an “A-Stable� credit rating by Standard & Poors – the highest of any of the commercial banks in the English-speaking Caribbean. They bring a strong balance sheet, an appetite for lending and an innovative approach to banking. I anticipate that this will be in much demand in the Trinidad and Tobago market�. Mr. Samaroo noted, “ when we receive approval from the regulators to begin operations, FirstCaribbean will focus on corporate banking and capital market activities, but over time we will expand our range of products�.
Michael Mansoor, Executive Chairman of FirstCaribbean, stated, “The Mercantile is a well-run financial services company and we look forward to welcoming it to the FirstCaribbean Group. We have long wished to establish a strong, physical presence in Trinidad. Given the
range of Trinidad and Tobago customers we already service, this would be like coming home. We will aim to be a new and fresh choice to the commercial banking market.�
Charles Pink, Chief Executive Officer of FirstCaribbean, added, “FirstCaribbean seeks to be the Bank of first choice for its customers, shareholders and employees. Our entry into Trinidad would be an important step in ensuring that we can better serve customers operating in the key Trinidad market. We see the proposed acquisition of Mercantile as just the first step in what should become a much bigger commitment to Trinidad & Tobago.�
