NASSAU, BAHAMAS — For its dynamic ability to deliver returns, gain strategic advantage and serve the Bahamian market, CIBC FirstCaribbean has — for the tenth time — won “Bank of the Year” for The Bahamas.
The prestigious award was granted by renowned global finance magazine The Banker, which is a part of the Financial Times Group publishing house.
The Banker recognizes the best banks in a range of categories. Its research staff compiles a list of major banks in countries across the globe and invites them to participate in the awards. Each bank is required to submit an entry form containing up-to-date financial figures and to answer, in detail, questions about performance technology, innovation and marketing initiatives.
CIBC FirstCaribbean CEO Colette Delaney said: “The Bank of the Year award is an international acknowledgement which highlights achievements in areas critical to success in the banking industry.
“I cannot thank the CIBC FirstCaribbean Bahamas team enough for their hard work and dedication. This is what happens when we work together for the benefit of our clients and stay true to the values of the organization — trust, teamwork and accountability.
“CIBC FirstCaribbean is undoubtedly a strong example of best practice implementation that, in turn, has significant impact on business results and the banking industry overall. This year, we have remained steadfast in our commitment to demonstrating the many benefits we offer, increasing our innovation and using technology for advancement.”
The Banker stressed that good figures are essential, but not enough. The selection committee also looks for evidence of banks raising the bar for their local industries in the past 12 months, whether by using new technology or coming up with innovative, cost-efficient ways of expanding their businesses.
In announcing the award, The Banker stated: “A solid capital base put CIBC FirstCaribbean’s Bahamian operations in a good position as customers began requesting financial assistance when COVID-19 hit the country.
“All segments of the bank were involved in these efforts, from retail to corporate banking and wealth management. They resulted in deferred payments, emergency loans and concessions to help individuals and businesses cushion the financial impact of the pandemic on households and the economy.”
Among other accomplishments, CIBC FirstCaribbean introduced first pay, the bank’s free person-to-person funds transfer service, using either an e-mail address or mobile number. According to a statement by the tank, first pay’s “fast and safe design has redefined clients’ payment experience”.
The bank’s internet banking service was also upgraded to “significantly improve the user experience for clients in the corporate, business banking and international corporate sectors”.
CIBC First Caribbean Director of Retail Banking Channels Gezel Farrington said: “The best bank award is a celebration of CIBC FirstCaribbean’s daily illustration of its strategic priorities: focus on our clients, building on our technology base to create a regionally leading digital experience for our clients, simplifying the way we do business and investing in our people.”
Head of Corporate and Investment Banking Kemar Polius added: “The delivery of corporate online demonstrates the bank’s commitment to provide our clients with a modern digital banking experience, allowing them to manage their liquidity and payments easily and efficiently.
“Our recognition by The Banker is a testament to this commitment, and we look forward to continuing, and advancing, all that is being done to keep CIBC FirstCaribbean as the first choice for financial services.”
CIBC FirstCaribbean also won “Bank of the Year” for The Bahamas in 2006, 2007, 2008, 2009, 2012, 2013, 2016, 2017 and 2018.