First International Bank And Siemens Financial Services Partner On Private Label Equipment Leasing Program

First International Bank Expands Its Global Product Offerings
As Siemens Achieves External Business Development Goals

HARTFORD, CT, and BRIDGEWATER, NJ, Oct. 4, 2000—First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ:FNCE), will draw on the global resources of Siemens Financial Services, Inc., a part of Siemens AG, to offer a commercial equipment leasing program customized for small and midsize industrial companies in the U.S., Canada, and around the world.

The companies today announced a private label agreement whereby First International will market equipment leases to its industrial customers worldwide, and Siemens will provide comprehensive lease processing and operational support. Siemens will underwrite the leases and provide ongoing servicing, all under the name of First International Bank.

The agreement was prompted, in part, based on the international capabilities that the companies have in common. Brett N. Silvers, chairman and CEO of First International Bank, noted, "We are impressed with Siemens’ extensive resources and expertise as a leader in the lease finance marketplace, plus their strong client focus and commitment to quality, which we believe will facilitate the seamless delivery of leasing services to our customers." He added, "First International recognizes that Siemens has the ideal presence in the global marketplace capable of sustaining a new equipment leasing program for First International’s customers in the midsize industrial sector."

Richard Kershaw, senior vice president of Siemens Financial Services, Inc., noted that First International Bank’s extensive domestic and international origination network, combined with its advanced e-commerce capability, fit perfectly within Siemens Financial Services’ target vendor partner profile. "First International Bank’s market focus from a customer, equipment, and geographic perspective made them an ideal private label vendor partner for Siemens Financial Services," said Kershaw.

E-business also influenced the two companies in their decision to partner. First International Bank has established itself as a first mover on the Internet, delivering online loans to companies in its target industrial market. Equipment leasing options are an important part of the online equation for companies who seek an alternative to purchasing. Likewise, Siemens has efforts underway to streamline and web-enable certain internal processes, such as risk, liquidity management, and contract administration.

The new leasing program is primarily targeted to middle market industrial companies interested in leasing capital equipment in the range of $100,000 to $10,000,000 per transaction. The program includes a full range of leasing products designed to meet the financial requirements of companies that pursue leases, whether they be budgetary, cash flow, or tax considerations.

Siemens Financial Services, Inc., a business of Siemens AG, is an international financial services provider with a strong customer focus and more than 1,000 employees in 30 countries, offering customized financial solutions ranging from sales and investment financing to fund management. Customers of SFS today include consumer businesses as well as worldwide industrial and service companies and public sector clients.

Siemens AG is an industry leader in telecommunications; energy and power; lighting and precision materials; industry and automation; building technologies; and healthcare, and a key player in microelectronics and components; transportation; information systems and other products. In fiscal 1999 (10/1/98 to 9/30/99), Siemens’ U.S. businesses, with more than 64,000 employees, recorded sales of $14.8 billion. Siemens AG, based in Berlin and Munich, is one of the world's largest electrical engineering and electronics companies and employs 443,000 people worldwide in 193 countries.

First International Bank (www.upscapital.com) – a world leader in the use of SBA, USDA and Export-Import Bank loans – provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Richmond, Rochester, Springfield, St. Louis, and Washington, DC. International representatives are based in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa. During 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.

MEDIA CONTACT:

Siemens Financial Services, Inc.
Peter Krause
(908) 429-6036
peter.krause@scrc.siemens.com

First International Bank:
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com