NEWS RELEASE/For Immediate Release
NASSAU, Bahamas, March 5, 2009 – We are disappointed at the inaccurate, irresponsible and unsubstantiated comments on the financial soundness of FirstCaribbean International Bank (Bahamas) Limited.
FirstCaribbean has today released its first quarter results, which show an $11.6m improvement in profitability compared to a similar period last year, with total assets in excess of $4 billion. Additionally, our Tier 1 capital ratio is 15.8%, substantially in excess of the Central Bank’s minimum requirement of 8%. FirstCaribbean International Bank Bahamas – which is a member of the CIBC Canada Group – is a financially and operationally strong financial institution firmly committed to continuity of the Bank’s operations in The Bahamas.
The Governor of the Central Bank in her Press Release yesterday, spoke to the financial soundness of the local banking system for which we are a part. I quote below from the Governor’s statement:
“Given the overall soundness of the banking sector, the Central Bank is therefore concerned about recent unsubstantiated material that has surfaced about the health of particular institutions. In the present environment, such unfounded assertions could unnecessarily exacerbate the uncertainty being experienced by customers, to the detriment of the financial system.”
We find the misinformation irresponsible. We encourage all customers to view our excellent results, which will be published in the press tomorrow. They reinforce the stability and health of FirstCaribbean International Bank (Bahamas) Limited. We are ultimately 93% owned by CIBC, a substantial Canadian banking group.
Sharon Brown, Managing Director, FirstCaribbean International Bank (Bahamas) Limited,
FirstCaribbean Financial Centre, Shirley Street, Nassau, Bahamas. Tel: (242) 302-6042
Fax: (242) 323-1087 Email: email@example.com