Raymond Campbell to head FirstCaribbean regional capital markets division

By Al Edwards, Acting Financial Editor

Raymond Campbell

VICE-PRESIDENT for commercial clients and corporate affairs at CIBC, Raymond Campbell is to be appointed as regional capital markets boss for the merged Caribbean banking entity of Barclays and CIBC, to be called FirstCaribbean International Bank.

A senior source involved in merging the two banks told the Financial Gleaner that Mr. Campbell is expected to assume his new position in 12 to 18 months by which time the merged entity would become an effective banking operator in the region.

The Financial Gleaner understands that the name FirstCaribbean is proving problematic as a company under Neville Blythe's UGI Group already has the name First Caribbean. The new regional banking powerhouse has yet to form a board and it appears that the merger is still some way in becoming an acknowledged reality.

The new regional player will operate in 15 countries with assets of US$10 billion. Under the structure of the proposed entity it is intended that Barclays and CIBC would each own approximately 45 per cent of the ordinary share capital of FirstCaribbean International Bank, with the remainder held publicly. It is the intention of CIBC and Barclays to increase the public shareholding of FirstCaribbean International Bank beyond the initial 10 per cent to as much as 20 per cent as soon as possible. FirstCaribbean International Bank would retain the listings of CIBC West Indies Holdings Limited in Barbados, Trinidad and Tobago and Jamaica. Barclays Private Banking and CIBC Wealth Management Business Unit and their clients would remain under their respective Barclays and CIBC ownership. The Financial Gleaner understands that Michael Mansoor, who currently heads CIBC Jamaica, is expected to be the chairman of the new bank with Barclays' Charles Pink tipped to be appointed as managing director.

According to the source, Mr. Campbell's mandate will involve extensive travel and though it appears likely that he may be based in Barbados, his place of domicile will not be a determinant to his new duties.

This appointment to head the capital markets of the region comes as recognition of the job Mr. Campbell has done with CIBC in Jamaica. He has seen the bank become the number one primary dealer in Jamaica with it underwriting more Government paper (LRS/TBills) than any other operator. He has also presided over the creation of a strong brand franchise and seen the bank's local assets rise to some $18.9 billion.

Before he became vice-president of commercial clients and corporate affairs at CIBC, in December 1999, Mr. Campbell aged 35, served as general manager at Barita Investments Ltd. His present position at CIBC sees him responsible for capital markets and commercial lending in Jamaica. According to market cap reports, CIBC (West Indies) Holdings is the leader in the region followed by Cable & Wireless.

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