CIBC (W.I.) – Combination of operations

Barclays Bank PLC (Barclays) and CIBC announced that they signed an agreement to combine their retail, corporate and offshore banking operations in the Caribbean to create FirstCaribbean International Bank. Implementation of the combination is subject to, among other things, the receipt of certain approvals from government and regulatory authorities and shareholders of CIBC West Indies Holdings Ltd. and CIBC Bahamas Ltd.

“We are confident that a FirstCaribbean combination will bring great benefits to our customers, employees and the broader communities where we are located. We expect the transaction to complete during the first quarter of 2002”, Michael Mansoor, President and CEO of CWIHL said.