January 5, 2007
Bank has three new directors

FirstCaribbean International Bank Limited has appointed three new directors to its board following CIBC’s acquisition of 599.4 million shares held by Barclays Bank PLC’s in FirstCaribbean.

They are Steven McGirr, Tom Woods and John Orr. They join existing CIBC directors, Richard Venn and Ron Lalonde, and Independent Directors, Barbadians Kyffin Simpson, Sir Fred Gollop and Sir Allan Fields, Bahamian Teresa Butler, Cayman Islands-based David Ritch, along with Executive Chairman, Michael Mansoor and Chief Executive Officer, Charles Pink.{{more}}

“The wealth of experience which these gentlemen bring to the table will further enhance our Board. We take this opportunity to thank our Barclays colleagues for their contribution to the development of FirstCaribbean. It is always sad when a long-standing relationship of this nature comes to an end, but we look forward to exciting times ahead with our majority shareholder, CIBC,” said Mansoor.

Steven McGirr is senior executive vice-president and chief risk officer of CIBC. In this role, he has responsibility for Treasury and Risk Management. McGirr joined Wood Gundy Inc in 1984. Prior to his current responsibilities, he was president, CIBC World Markets Inc., with executive management responsibility for Merchant Banking, Commercial Banking and Debt Capital Markets as well as CIBC World Markets’ European and Asian Regions. McGirr was appointed deputy chairman, CIBC World Markets Inc. in 2002.

John Orr is Executive Vice President, Retail Markets and Corporate Development, CIBC, and Managing Director, CIBC World Markets Inc. He heads the Direct Banking division of CIBC, Amicus, and CIBC-branded retail businesses internationally. As Deputy Head of Corporate Development, he participates in the identification and development of strategic initiatives for CIBC. Prior to joining CIBC, Orr practised as a Corporate Securities Lawyer.

Tom Woods has spent his entire career with CIBC. He joined Wood Gundy, the predecessor firm of CIBC World Markets in 1977, in the Toronto Investment Banking Department. In 1996, Woods was named head of Canadian Corporate Banking and in 1998 was appointed chief financial officer of CIBC World Markets. He became controller of CIBC in 1999. In 2000, he was appointed Chief Financial Officer for CIBC and was promoted to Senior Executive Vice-president in 2003.

The share purchase, at US$1.62 a share plus accrued but unpaid dividends, was completed on December 22.