Disposal

Barclays PLC
29 June 2006



                                                                  29th June 2006


                                  BARCLAYS PLC

   Barclays announces definitive agreement for the disposal of 43.7% stake in
                             FirstCaribbean to CIBC

Further to its announcement on 13th March 2006, Barclays Bank PLC ('Barclays')
has now entered into a definitive agreement with Canadian Imperial Bank of
Commerce ('CIBC') for the sale of Barclays 43.7% shareholding in FirstCaribbean
International Bank Limited ('FirstCaribbean').

As previously announced, CIBC will pay a price of US$1.62 per FirstCaribbean
share, valuing Barclays stake at approximately $1.08 billion. The transaction,
which is subject to a number of conditions, including the receipt of applicable
regulatory approvals, is anticipated to complete in late 2006.

Under the definitive agreement, CIBC has the option of paying for the
transaction in cash, CIBC common shares, or a combination of cash and shares,
the relative proportions of which CIBC will determine before completion.
Barclays would not intend to be a long term holder of any CIBC shares it may
receive in connection with this transaction.

Promptly after the close of the transaction, CIBC will be required to make a
mandatory offer to all shareholders in FirstCaribbean. The mandatory offer will
also be at a price of $1.62 per share. Both CIBC and FirstCaribbean have
reiterated their commitment to maintaining a strong minority ownership that they
expect to grow in the future.

The parties have agreed to structure the transaction in two stages, with
Barclays selling 90% of its holding initially and then CIBC potentially
acquiring, at Barclays option, the balance through the subsequent mandatory
tender offer. The consideration represents a multiple of 17.5x FirstCaribbean's
operating earnings for the year ended 31 October 2005 and a multiple of 3.0x
FirstCaribbean's tangible book value. Assuming a sale of 100% of Barclays stake
in FirstCaribbean, the post-tax gain to Barclays on the sale is approximately
£250 million.

CIBC will also pay an additional sum to Barclays, as well as the other
shareholders who tender their shares to this offer, to reflect dividends in
respect of their period of ownership prior to closing.

Naguib Kheraj, Group Finance Director, Barclays PLC, said: 'This transaction
leaves FirstCaribbean well positioned for its future development. While the
combination of Barclays and CIBC's Caribbean retail banking assets created value
for all stakeholders, the future strategy of FirstCaribbean is now best pursued
with one controlling shareholder.'

                                    - ENDS -


For further information please contact:

Barclays

Investor Relations                     Media Relations
Mark Merson/James S Johnson            Alistair Smith/Laura Vergani
[phone]/2927              [phone]/8335


CIBC

Investor Relations                     Media Relations
John Ferren                            Rob McLeod
[phone]                        [phone]


About Barclays

Barclays PLC is a major global financial services provider engaged in retail and
commercial banking, credit cards, investment banking, wealth management and
investment management services. We are one of the largest financial services
companies in the world by market capitalisation. Operating in over 60 countries
and employing over 113,000 people, we move, lend, invest and protect money for
over 25 million customers and clients worldwide. With over 300 years of history
and expertise in banking, Barclays PLC has six major businesses: Barclays
Capital, Barclays Global Investors, UK Banking, Barclaycard, Wealth Management
and International Retail & Commercial Banking.

About CIBC

CIBC is a leading North American financial institution with more than 11 million
personal banking and business customers. CIBC offers a full range of products
and services through its comprehensive electronic banking network, branches and
offices across Canada, in the United States and around the world.

About FirstCaribbean

FirstCaribbean has over 3,400 staff, 100 branches and banking centres, and
offices in 17 countries comprising: Anguilla, Antigua, The Bahamas, Barbados,
Belize, The British Virgin Islands, The Cayman Islands, Curacao, Dominica,
Grenada, Jamaica, St Kitts & Nevis, St Lucia, St Maarten, St Vincent and the
Grenadines, Trinidad & Tobago and The Turks & Caicos Islands. The bank has
approximately 780,000 active accounts.

Disclaimer

The announcement contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended and Section
27A of the US Securities Act of 1933, as amended, with respect to certain of the
Barclays plans and its current goals and expectations relating to the potential
transaction described above. By their nature, forward-looking statements involve
risk and uncertainty because they relate to future events and circumstances,
including, but not limited to, domestic and global economic and business
conditions, market related risks such as changes in interest rates and exchange
rates, the policies and actions of governmental and regulatory authorities,
changes in legislation and the impact of competition, a number of which are
beyond Barclays control. As a result, the actual future results may differ
materially from the plans, goals and expectations set forth in the
forward-looking statements.



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