FirstCaribbean International Bank 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 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.
The bank said the exact amount of the gain will be finalised following an independent valuation of the bank's shares of Visa, 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.
FirstCaribbean, present in Cayman and many other Caribbean islands, offers a full range of market-leading financial services in corporate banking, retail banking, wealth management, credit cards, treasury and capital markets.