Campbell
Al Edwards, Financial Editor
EXECUTIVE DIRECTOR of Capital Markets at First Caribbean, Raymond Campbell, has resigned from that position, the Financial Gleaner understands.
FirstCaribbean was formed as a result of a merger that took place in 2001 between Barclays retail operations in the Caribbean and Canadian Imperial Bank of Commerce (CIBC). The bank operates in 15 Caribbean countries and is headquartered in Barbados. It has a market capitalisation of around US$2 buillion with assets valued at US$9 billion.
Raymond Campbell, the current head of the Jamaica Bankers' Association (JBA), was based at FirstCaribbean's (Jamaica) Knutsford Boulevard headquarters, but in his dual role as country manager and executive director of Capital Markets had to often travel to Barbados.
It is not clear at this moment in time why he demitted his post. FirstCaribbean is yet to benefit from the synergies of this merger. Indeed, unaudited accounts for the nine months to July 31, 2004, show revenues increased but net profits of $290 million represented a six per cent decline for FirstCaribbean (Jamaica).
Last month Milton C. Brady was appointed as managing director( Jamaica). He was formerly the group chief credit and risk officer for NCB Group. He took up his new position on January 5,2005.
The Capital Markets Division was formed in September of last year and provides a host of services from assisting in mergers and acquisitions to project financing, debt underwriting and securitisation.
Other services include foreign exchange, options and equities trading.
The Finacial Gleaner understands that Mr. Campbell handed in his letter of resignation on Tuesday of this week and will remain at his office until February 28. He will be replaced by Mr. Lloyd Samaroo, who will be the head of Regional Capital Markets. Mr. Samaroo will be based in Trinidad.
Next week FirstCaribbean launches its Platinum card
