Re Joint Venture

Barclays PLC
23 July 2001


July 23, 2001


             BARCLAYS PLC AND CANADIAN IMPERIAL BANK OF COMMERCE

  IN DISCUSSIONS TO COMBINE CARIBBEAN OPERATIONS TO ESTABLISH FIRSTCARIBBEAN
                             INTERNATIONAL BANKO


Barclays and CIBC announce that they are in advanced discussions which are
intended to lead to the combination of their retail, corporate and offshore
banking operations in the Caribbean to create FirstCaribbean International
BankO.  Implementation of the combination would be subject, inter alia, to the
required approvals from government and regulatory authorities.

FirstCaribbean International Bank would bring together two complementary and
leading financial services businesses in the Caribbean, offering customers
enhanced products, improved services and extended access to banking services.
It would establish FirstCaribbean International Bank as a significant
Caribbean presence and enable it to play a key role in the region.

Under the structure of the proposed transaction, 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. 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 businesses and their
clients are not included in the scope of the discussions and would remain
under their respective Barclays and CIBC ownership.

Barclays and CIBC believe this combination would provide benefits and
opportunities for customers, staff and the businesses above those which could
be achieved by either operation on a standalone basis and that it would be in
the interests of their respective shareholders.


A further announcement will be made in due course.


Barclays is being advised by Credit Suisse First Boston (Europe) Limited, CIBC
is being advised by CIBC World Markets.


                                   - Ends -


For further information, please contact:


Investor Relations:

            Ian Roundell                      020 7699 2961

            Media Relations:
            Chris Tucker                      020 7699 3161


This press release contains forward-looking statements about the objectives,
plans and intentions of Barclays and CIBC for the operation of FirstCaribbean
International Bank in the Caribbean region.  Forward-looking statements are
typically identified by the words 'believe', 'expect', 'anticipate', 'intend',
'estimate' and other similar expressions or future or conditional verbs such
as 'will', 'should', 'would' and 'could'.   A forward-looking statement is
subject to risks and uncertainties that may be general or specific.  A variety
of factors, many of which are beyond the control of CIBC, Barclays or
FirstCaribbean International Bank, may affect the objectives, plans and
intentions of CIBC and Barclays for the operation of FirstCaribbean
International Bank and could cause actual implementation and FirstCaribbean
International Bank operations to differ materially from the expectations
expressed in the forward-looking statements contained in this press release.
These factors include the ability to reach agreement on definitive terms;
delays in putting into effect Barclays and CIBC proposals; customer
preferences; current, pending and proposed legislative or regulatory
developments; intensifying competition resulting from established competitors;
new entrants; technological change; global capital market activity including
interest rate fluctuation, currency value fluctuation and general economic
conditions worldwide; and the success of Barclays, CIBC and FirstCaribbean
International Bank in managing the costs associated with the expansion of
existing distribution channels, developing new ones and in realising increased
revenue from these channels.  This list is not exhaustive of the factors that
may affect any of the forward-looking statements in this press release.  These
and other factors should be considered carefully and readers should not place
undue reliance on these forward-looking statements.



Barclays



Barclays is one of the largest financial services groups in the UK with
operations throughout the world.

In the Caribbean, Barclays established a branch network in 1837.  Barclays now
has operations in 14 countries, across 25 islands and 45 outlets covering an
area of 2,500 miles by 1,500 miles.  The countries Barclays operates in are:
Anguilla, Antigua, Bahamas, Barbados, Belize, British Virgin Islands, Cayman
Islands, Dominica, Grenada, St Kitts, St Lucia, St Maarten, St Vincent and
Turks & Caicos. For the year ended 31 December 2000, the profit before tax
attributable to Barclays Caribbean operations was £74 million.

Barclays Caribbean employs approximately 1500 staff serving 400,000 customers:
350,000 onshore retail, 20,000 onshore corporate and 25,000 offshore
customers.  Corporate and personal banking services are offered in all 14
countries and offshore banking services are offered in five countries:
Bahamas, Barbados, Cayman, British Virgin Islands and Turks & Caicos.


Barclays Caribbean is headquartered in Barbados.


CIBC


CIBC is one of North America's leading financial institutions as measured by
assets with more than eight million personal banking and business customers.

CIBC was first established in the Caribbean in 1920 and now has operations in
Antigua, Bahamas, Barbados, Cayman Islands, Jamaica, St. Lucia, St. Vincent
and Turks and Caicos.  CIBC employs approximately 1600 staff serving 350,000
retail and commercial clients at 45 branches and offices in the Caribbean.
During the last few years, CIBC has reorganised all of its retail banking
operations in the Caribbean under the umbrella of a holding company CIBC West
Indies Holdings Limited. Net income was US$59 million for the year ended 31
October 2000.  This company is listed on three regional stock exchanges: The
Securities Exchange of Barbados, the Trinidad and Tobago Stock Exchange and
The Jamaica Stock Exchange.  In addition, two of its subsidiaries, CIBC
Bahamas Limited and CIBC Jamaica Limited are also listed on their local stock
exchanges.


CIBC West Indies Holdings Limited is headquartered in Barbados.