FirstCaribbean Misses Launch Date

by Philip Morton, Investors Offshore.com

04 October 2002

It emerged this week that the launch of FirstCaribbean International Bank, the merged operation of CIBC and Barclays Bank PLC will be delayed until the end of October.

The joint venture was supposed to make its debut on Monday, but due to the delay of certain legal documents, was required to postpone its start date.

Informing staff of the revised completion date, Managing Director of Barclays' Caribbean and Bahamas, Charles Pink explained that:

'We have continued to make excellent progress towards completion, however, we have not yet received all of the required legal documents. Therefore, completion is being deferred for a short period and is now expected to take place before the end of October 2002.'

Mr Pink then went on to express the hope that: 'it will not be necessary to further revise the completion date'.

Meanwhile, the Barbados Daily Nation reported on Tuesday that the dispute between the bank and the Barbados Workers Union has not yet been resolved, and has been referred on to the Chief Labour Officer for arbitration.

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