Letter of Intent Signed

Barclays PLC
13 March 2006


                                                                 
                                                                 13th March 2006

    Barclays in discussions with CIBC to dispose of stake in FirstCaribbean

Barclays Bank PLC ('Barclays') today announced that it has signed a non-binding
Letter of Intent with Canadian Imperial Bank of Commerce ('CIBC') for the sale
of Barclays 43.7% stake in FirstCaribbean International Bank ('FirstCaribbean')
to CIBC.

FirstCaribbean is a leading bank in the English-speaking Caribbean which is
listed on the Barbados, Jamaica, Trinidad & Tobago and East Caribbean Stock
Exchanges. Barclays and CIBC have each owned their respective stakes in
FirstCaribbean since 2002, when FirstCaribbean was formed by the merger of their
Caribbean businesses.  The remaining 12.6% is publicly held.

The transaction is anticipated to take place at a price of US$1.62 per
FirstCaribbean share with a total transaction value of approximately US$1.08
billion. This represents a multiple of 17.5x FirstCaribbean's operating earnings
for the year ended 31st October 2005 and a multiple of 3.0x FirstCaribbean's
tangible book value.

The Letter of Intent contemplates CIBC having the option of paying for the
transaction through cash, CIBC common shares or a combination of cash and
shares, the makeup of which CIBC will determine before closing. Barclays would
not intend to be a long term holder of these CIBC shares.

Naguib Kheraj, Group Finance Director, Barclays PLC, said: 'FirstCaribbean has
performed well since the local businesses of Barclays and CIBC were combined in
2002. The merger has created value for all shareholders in FirstCaribbean as
well as benefits for customers and the regional economy.

'With the integration of the businesses complete, FirstCaribbean is now well
positioned for its future development. Barclays and CIBC both believe that the
future strategy of FirstCaribbean is best pursued with one controlling
shareholder and we are pleased that we have reached this preliminary agreement.'

The proposed transaction is subject to the completion of due diligence, the
negotiation and execution of definitive documentation and regulatory approval.
It is anticipated that this transaction will complete late in 2006.

ENDS

For further information please contact:

Barclays
Investor Relations                                Media Relations
Mark Merson/James Johnson                         Alistair Smith/Michael O'Toole
[phone]/2927                         [phone]/6137

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

This 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, actual future results may differ
materially from the plans, goals and expectations set forth in the
forward-looking statements.




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