FirstCaribbean International Bank Acquires ABN AMRO's Curacao Unit

by Phillip Morton, Investors Offshore.com

03 February 2006

FirstCaribbean International Bank, the largest publicly traded banking presence in the English-speaking Caribbean, has announced the successful acquisition of ABN AMRO's banking and asset management operation on the island of Curacao, part of the Netherland Antilles.

First announced on November 23rd, 2005, both companies received approval for the takeover from the Central Banks of The Cayman Islands, Curaçao and Barbados last month.

As a result of the takeover, all banking and asset management activities on Curacao will be re-branded FirstCaribbean International Bank (Curacao) N.V. and FirstCaribbean International Wealth Management (Curacao) N.V. respectively.

According to FirstCaribbean, the acquisition of ABN AMRO's Curacao branch will make it one of the region’s leading providers of international banking and wealth management services. Curacao is the seventeenth country in which FirstCaribbean will have established a presence in the last three years.

FirstCaribbean, which is owned by Barclays Bank (43%), CIBC (43%) and a range of regional investors, has long had corporate and retail banking operations in the northern Netherlands Antilles, in Saint Maarten, Saba and Saint Eustatius, and the bank is the largest, publicly-traded bank in the english-speaking Caribbean, listed on five regional stock exchanges.

FirstCaribbean’s Curacao businesses, which include the current banking and asset management activities, are the largest international banking operations in Curacao. Its international banking businesses have assets of around US$1 billion, and assets under administration of more than US$600 million.

The bank's main lines of business are wealth management and banking services to international, private and corporate clients and to the trust and fund services industry. It is particularly recognized for its expertise in private banking, asset management and cash management.

With its increased focus on international wealth management, FirstCaribbean says that it intends to introduce a range of new products and services, such as international mortgages.

“We are convinced that FirstCaribbean is the right partner to continue and enhance the service we offer to our clients," stated Pim van der Burg, Managing Director and head of the new Curacao office.

"The combination of our expertise and value-added products, combined with FirstCaribbean’s leading position, will result in a superbly focused provider of international financial services, offering excellent opportunities for both our clients and our staff," he added.

FirstCaribbean’s Executive Director of International Wealth Management, Jan-Arne Farstad added that: "This latest acquisition allows FirstCaribbean to add a portfolio of products and a team of skilled and experienced personnel that will allow us to significantly improve on the already excellent service we offer our clients from our offices across the region."

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