First Caribbean — new player in TT banking

GOVERNMENT’S ongoing financial sector reform continues to attract major financial institutions to Trinidad and Tobago — the latest being the Caribbean’s leading financial institution — First Caribbean International Bank (FCIB.) With over US$9 billion in assets, market capitalisation of over US$2 billion, an A-minus credit rating from Standard and Poors and operations in 16 Caribbean nations, FCIB has pledged to work with government to ensure the long-term health and development of the national economy.

Addressing a news conference at the bank’s new offices on Victoria Avenue, Port-of-Spain, FCIB Chief Executive Charles Pink said government’s reform of the financial sector was one of the main reasons FCIB chose to enter the TT market. “We are very supportive of them. We see them as a good thing for the financial sector in TT. We will work positively and closely with the regulatory authorities to further those reforms. We see the TT market and economy as a very attractive one,” he declared.

FCIB executive chairman Michael Mansoor said good governance was a top priority in all spheres of the bank’s operations and FCIB had maintained a strict legal and regulatory compliance in jurisdictions in which it operated. Pink also said TT would be a major centre for a new capital market business venture which FCIB intended to launch in the region, and the bank was also exploring other market options in the Caribbean. The new bank’s corporate banking director, Horace Cobham, said the bank would open the doors for new investors to further develop TT’s energy sector through its connections with Barclays and CIBC. Pink said FCIB offers a wide range of banking services and was currently developing a five-year strategy for TT.