Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank
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Pradip Chhadva<br />
Managing Director<br />
Treasury, Sales & Trading<br />
Treasury, Sales & Trading continued<br />
revenues” concept to give incentive all Relationship managers in<br />
cross-sell <strong>Bank</strong>’s products<br />
-As far as product diversification is concerned, we have actively<br />
marketed exposure management products to qualified customers.<br />
We further initiated relationships with CIBC WM in the Structured Products<br />
Arena – organising the first joint customer meetings in the region to introduce<br />
CIBC WM’s capability in structured investment solutions.<br />
Trading<br />
The Trading function is an absolutely key driver of revenues both for TS&T<br />
and for the <strong>Bank</strong>. We can summarise the key highlights for Trading as<br />
follows:<br />
1) Independent management of tradable hard currency Caribbean<br />
assets (CBP): this portfolio has delivered significant<br />
out-performance over the last 12 months in comparison with both<br />
external benchmarks and internal targets.<br />
2) Implementation and execution of structural hedge strategy: we<br />
have actively built a true rolling structural hedge programme<br />
(picking up yield by buying AA- banks rather than Treasuries).<br />
The post-structural interest rate position has been neutralised.<br />
3) Implementation of outsource strategy (as determined by Board<br />
Committees): the subprime crisis and associated wider credit<br />
crunch resulted in higher volatility and below plan returns for<br />
the outsource strategies. We have in fact reduced exposures as we<br />
shift focus from outsource to in-house strategies (focus on CBP and<br />
local market opportunities).<br />
In conclusion, I am proud of the performance of the function to date and<br />
further to be associated with the changes that we have delivered over a<br />
relatively short time frame.<br />
As you can see from the above, the TS&T function has undergone real and<br />
radical change. I am now certain that we have the strong foundations, the<br />
correct structures and most importantly the right people in place to ensure<br />
future success.<br />
Our ambition is to be viewed as the cutting-edge and leading TS&T service<br />
provider in the region – we are on the way.<br />
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