Monday, November 6, 2006

BRIDGETOWN, Barbados: The academic programmes and initiatives being undertaken by the University of the West Indies have received further endorsement from FirstCaribbean International Bank. The two institutions last week reaffirmed their relationship with the signing of a second historic pact at the bank’s regional headquarters, paving the way for the bank to provide further financial assistance to the Caribbean’s premier tertiary institution.

The three-year agreement follows successful implementation of the joint programmes under the first Memorandum of Understanding signed in 2003 on the birth of the newly merged FirstCaribbean International Bank. That agreement ended this year.

Since formalising their relationship at that time, the Bank has awarded some twelve scholarships to University students across a range of disciplines; funded pioneering Case study research on the merger of CIBC and Barclays, the cases for which later formed the basis for the inaugural Case Analysis Competition; and provided funds to establish the Cave Hill Campus’ Student Services website launched earlier this year. The bank has also continued to support the hosting of the annual Frank Worrell Memorial Lecture as one of its heritage legacies and to allocate funding to further academic research on the Campus, among initiatives.

The new accord was signed by Vice-Chancellor of the University of the West Indies, Professor E Nigel Harris, and FirstCaribbean International Bank Chairman, Michael Mansoor.

During the brief ceremony, the Vice-Chancellor commended the Bank for its move to continue the work started in 2003. “ We are excited that the bank has again come on board to partner with us. Our University sees this as indicative of the confidence not only in our work, but of the role we continue to play in unlocking the potential of our communities.”

Bank Chairman Michael Mansoor noted that the second accord is a testament to the partnership between the two institutions. “We consider the university our partner in its truest sense. At every juncture we have worked hand in hand to ensure the success of the programmes and initiatives implemented, we have tested the waters together and have seen the benefits reaped among students, faculty and our own staff. We thank the University for its patience and guidance in helping us to understand and appreciate this framework.”

Funding under the MOU is being administered by the Bank’s Comtrust Foundation, which implements the Bank’s overall corporate and social responsibility strategy.

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