Computer Sciences Corp To Build First Caribbean's IT Structure

Tax-News.com, New York

17 February 2003

FirstCaribbean International Bank, formed recently from the combination of the Caribbean operations of CIBC West Indies Holdings Limited and Barclays Bank PLC, announced last week in Barbados that it has launched a Bank-wide technology integration and upgrade project, less than three months after the legal creation of the Bank last October.

The Bank has selected Computer Sciences Corporation, one of the world's leading information technology services companies, as its lead technology provider to manage the upgrading of its information systems following the combination of Barclays and CIBC across the Caribbean.

As FirstCaribbean's lead technology service provider, CSC will assist with the conversion of the newly merged bank to one state-of-the-art banking technology platform, based on the existing CIBC technology infrastructure. As a result of the integrated technology platform, FirstCaribbean will be able to provide its customers faster service and more ways to bank such as telephone banking and eventually, Internet banking.

One of the first tangible benefits to customers will be faster processing of international payments, through the implementation of a consolidated International Payments Centre. Ultimately, as all branches are converted to a single technical system, all FirstCaribbean customers will also have access to the full suite of FirstCaribbean products at a broader selection of branch offices and ATMs.

FirstCaribbean also announced that its overall integration technology investment is expected to be US$31.5 million, of which US$20.5 of that total designated for the CSC contract over a 21-month period.

"The ability to make this substantial investment in our information technology systems is a key outcome of the combination of CIBC and Barclays in the Caribbean," said Charles Pink, Chief Executive Officer of FirstCaribbean. "The end result of this investment will be a leading-edge technology platform stretching across our entire network that will enable our staff to serve our customers quickly and efficiently."

"FirstCaribbean is delighted to welcome CSC as our technology provider to help us combine our two banking systems in to one pan-Caribbean system that will help us meet the diverse needs of our retail, commercial and corporate customers in the Caribbean and the sophisticated demands of our international customers around the world," said Michael Mansoor, Executive Chairman of FirstCaribbean.

"Our technical expertise and extensive experience in the financial services sector make CSC an ideal candidate for this important effort," said Rich Wunder, president of CSC's Consulting Group. "We're pleased to play a role in improving the region's banking technology infrastructure and supporting FirstCaribbean's goal of superior customer service."

"The integration of our information technology systems is at the core of the combination of the two heritage banks to create one cohesive, region-wide financial powerhouse," concluded Joe Barretto, FirstCaribbean's Executive Director of Technology and Chief Information Officer. "The end result of this investment in technology will be improved service for our customers and the ability to offer our customers the right products and services to meet their individual needs."

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