AMERICAN INTERNATIONAL BANK LTD. received 3-1997 17th March, 1997 Mr. Alvaro Tercero Popular Bank of Florida 848 Brickell Avenue Miami, Florida 33131 Dear Mr. Tercero: Thank you for your fax dated 13th March addressed to Mr. Danley Philips and copied to me. As I explained to you on the telephone and I am sure that Mr. Philips also confirmed this, we are looking to expand our correspondent relationship particularly in North America and this will entail but not be Limited to the following: 3. 4. The automatic investment of excess funds above an agreed amount on an overnight call account. The receipt of the settlement figure from Western Union on a daily basis. NOTE: This is only one payment per 24 hour for receipts in the previous 24 hour period and a debit on our instructions for credit to Western Union account once every 24 hours covering payments out. It is also possible that in the future we will be looking to you to provide security portfolio management for us. We are currently using a number of brokers in the States but I personally feel it would be preferable for the majority of our portfolio to be handled by a Bank. We would certainly want access to your electronic banking system so that we can receive every morning statements showing incoming and outgoing payments effected the previous day and the available balance on our account with you. All of the above is of course normal correspondent bank relationship and we would be quite prepared to open a reciprocal account in our books for you if you felt that this would be convenient to you. We do have particularly strong relationship with clients throughout the USA but also in Europe and South Aunerica. I enclose for your information a copy of the license and certificate of good standing, articles and memorandum of association, specimen signature list, copy of the annual shareholders meeting, audited accounts for '94 and '95 and management's accounts for the end of 96 The 96 audit should be completed in about two weeks. In addition we would of course continue to use you as the cover bank for our credit card operations. The Bank has been in operation since 1992 and is part of a financial group which consist of American International Bank Ltd. with offices in Antigua and Dominica, Antigua Management & Trust Ltd., with offices in Antigua, St. Kitts and Dominica, and Antigua International Management & Trust Ltd with offices in Antigua, Dominica, St. Kitts and Grenada. The Bank does very little lending and is mainly used as an investment vehicle for our clients. We occasionally arrange stand by letter of credit but most of our work is receipt and disbursement of funds and investment services. Antigua Management & Trust Ltd. is a fully operational trust company offering full range of trust services but their main function is the formation and administration of international business corporation. We currently have on our books in excess of 5,000 corporations and these can be incorporated in any one of Antigua, St. Kitts or Dominica. American International Management Services Ltd. was specifically set up to offer full back office services to other offshore banks; however, this has now expanded into offering back office services to corporations and other investment services for clients of the group. I also enclose a C.V. of myself and Mr. Cooper. Other senior officers are Pat Randall Diedrick, Mrs. Ilse Cooper who represents the Trust Company, Mr. Danley Philip who is Manager of Accounts and Treasury Officer, Mr. Trevor Bailey who is the operational manager. Although we are sending the package by Federal Express, I am faxing a copy of this letter to you so that you have a chance to look at it prior to our telephone conversation today. Singe John E. Greaves President I am very grateful for your interest in establishing a correspondent relationship with Popular Bank of Florida. I received the documents you sent to me last Monday, however, the curriculum vitae of yourself and Mr. Cooper. In addition, I would be grateful if you could provide me with the names of some correspondent banks you deal with and some background on the owners. Enclosed please find: International Correspondent Bank Agreement Cash Letter Service Popular Bank of Florida Connection-Description Terms and Conditions Popular Bank of Florida Financial Statements for 1995 and 1996 I recommend that you open a demand deposit account to be used for operational purposes. Should you wish so the account number we have assigned is 030-860-060. I would suggest an initial transfer of $100,000.00. Whenever the outstanding balance adds to $150,000 or more, funds will earn interest as described in the Cash Letter Service. Trusting that this is the beginning of a profitable business relationship for our institutions, I remain, Sincerely, Alvaro Tercero AT/ca 848 Bricke Fax: 305/374-1402 TREVOR ASSIST. MGR. OPER. |