Bahamas - FirstCaribbean International Bank

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)24 AcquisitionsThe purchase method has been applied to the combination of Barclays Bahamas and CIBC Bahamas andBarclays Bahamas has been identified as the acquirer. The fair value of the CIBC Bahamas business wascalculated to determine the purchase consideration. The goodwill arising from the combinationrepresents the excess of the purchase consideration over the fair value of the identifiable assets andliabilities of CIBC Bahamas at October 11, 2002.The details of the assets and liabilities acquired and goodwill arising are as follows:Cash and cash equivalents 230,782Loans and advances 970,203Investments 230,826Other assets 31,837Deposits (1,230,730)Other liabilities (21,623)Net assets of business acquired 211,295Fair market value of business 408,261Goodwill 196,966Cash and cash equivalents (above) 230,782Purchase consideration in the form of cash and cash equivalents 0Net cash acquired 230,782$Acquisition provisions included in liabilities above:Employee terminations costs 1,046Other costs 3501,39675