Bahamas - FirstCaribbean International Bank

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Chairman’s Reviewthe Turks & Caicos Islands, The BahamasInternational Stock Exchange and the SecuritiesCommission of The Bahamas, for their help andsupport.We are also grateful to our staff and manyindividuals from Barclays and CIBC, who havegiven of their time and talent to help bringthese two legacy banks together.I would like to welcome to the Board ofDirectors, Sharon Brown, Teresa Butler, DianeStewart and Mark Teversham and also to thankin a very special way Mr. Joe Krukowski who hasbeen Chairman from inception of thecompany. I am delighted that Mr. Krukowskiremains on the Board of the new company.We thank our customers and our shareholdersfor their support.Michael MansoorChairman19
Group Chief Executive Officer’s ReportAs Chief Executive Officer of the FirstCaribbeanGroup, I am honoured to have this opportunityto touch on the highlights of the 2002 fiscalyear for the Group and for FirstCaribbeanInternational Bank (Bahamas) Limited, and tooutline some of our plans for continuing tobuild on the entire bank’s strong foundations,inherited from Barclays and CIBC, in the yearsto come.Financial Performance ofFirstCaribbean International Bank(Bahamas) LimitedDespite the severe economic downturn in theCaribbean and the Bahamas experiencedthroughout 2002, your bank remains very strong.The pro-forma net income for the year of $53.6million represents a modest 0.5 % decline onthe 2001 outturn. Your bank recorded anincrease in loans of 3.5% and assets of 3.6%.This number must also be considered againstour determination to continue to adhere to riskpolicies in the long-term interests of ourshareholders. The rewards of this policy arevisible in the excellent performance on creditprovisions, which declined by $4.3 million.The continuing strength of the FirstCaribbeanGroup is also exhibited in our A- credit ratingwith Standard & Poors. Again this comparesfavourably to major competitors in the region.Management took action to exert rigorousexpense control in the face of the difficulteconomic environment and the benefits of thatare seen in expenses showing a 1.7 % reductionof $1.2 million.At time of writing, the previously announcedRights Issue for FirstCaribbean InternationalBank (Bahamas) Limited has been approved bythe Central Bank of The Bahamas and hascommenced; we look forward to the continuedsupport of our shareholders through this RightsIssue.StrategyThe FirstCaribbean Group strategy is to focuson four customer focused businesses, eachdelivering sales and service support tailored tothe specific needs of their customers.Those businesses, and the key elements of ourstrategy for each, are as follows;Retail BankingFocused on our personal and small businesscustomers the key elements of our strategy are to:• Develop focused customer offeringsthrough differential focus on our threesub segments of Retail, Premier andBusiness banking.Our strategy is to concentrateon four customer focusedbusinesses, each deliveringsales and service supporttailored to the specificneeds of their customers• Develop alternative channels oftelephone banking, and in time Internetbanking, to bring choice andconvenience to our customers, adding toour 85 branches and 120 ATMs, of which20
Page 3: ContentsOur Heritage 6Notice of Mee
Page 6 and 7: FirstCaribbean International Bank
Page 8 and 9: Our HeritageBarclays BankThrough th
Page 10: Notice of MeetingAnnual MeetingNoti
Page 13 and 14: Directors, Senior Management & Advi
Page 15 and 16: Directors’ ReportDIRECTORSIn acco
Page 17 and 18: Chairman’s ReviewIn late 2002, co
Page 19: Chairman’s Reviewpolicies. We are
Page 23 and 24: Group Chief Executive Officer’s R
Page 25 and 26: Group Chief Executive Officer’s R
Page 27 and 28: Country Manager’s ReportYear in R
Page 29 and 30: Country Manager’s ReportBank in 2
Page 31 and 32: Management’s Discussion and Analy
Page 33 and 34: Management’s Discussion and Analy
Page 35 and 36: 34Retail Banking
Page 37 and 38: 36Corporate Banking
Page 39 and 40: 38International Banking
Page 41 and 42: 40Capital Markets
Page 43 and 44: 42Marketing and Communications
Page 45 and 46: 44Human Resources
Page 48 and 49: FirstCaribbeanInternational Bank(Ba
Page 50 and 51: FIRSTCARIBBEAN INTERNATIONAL BANK (
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The undersigned....................
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