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FIRSTCARIBBEAN TO RECORD GAIN IN THE FOURTH QUARTER FROM
VISA RESTRUCTURING |
Bridgetown,
Barbados, Oct. 8th, 2007 – FirstCaribbean International
Bank announced today that it expects to report a gain in its
fourth quarter results following Visa's announcement of the
completion of its worldwide restructuring.
As part of this restructuring, FirstCaribbean will receive
shares of Visa Inc. in exchange for the membership interest
it held in the previous structure.
Accounting standards require the recognition of a gain at
the restructuring date. Given FirstCaribbean’s position in
the Caribbean credit card market, FirstCaribbean expects
that it will book a material gain in the current quarter,
although the exact amount of FirstCaribbean’s gain will be
finalized following an independent valuation of the bank's
shares of Visa Inc. which is expected to be completed before
the release of FirstCaribbean’s fourth quarter and fiscal
2007 results.
FirstCaribbean expects the impact of this restructuring on
revenue and expenses for its cards business will not be
material. |
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