The a nnual Bank of the Year awards presented by the internationally-renowned The Banker magazine dubbed the “Global Banker’s Bible” recently announced 1st National Bank of St Lucia and the Cayman National Bank (CNB) as the two Caribbean financial institutions among the most outstanding in the Americas this year.

The banks, which are both members of the Caribbean Bankers’ Association (CAB), will both receive the Bracken trophy. 1st National will receive the award for the second year in a row, and Cayman National for the second time in the past three years.

1st National was lauded for its leadership in moving to purchase Royal Bank of Canada operations in the Eastern Caribbean, for the availability of its ATM and digital banking services, and for measures aimed at helping customers deal with the novel coronavirus pandemic, including a suspension of loan repayments, automatic removal of late-repayment fees on loans and credit cards, and increased credit card limits and overdraft limits. The bank’s increased embrace of and investment in technology was also noted.

“This 2020 award is a testament to the vision of our leadership team, board, and management, and the innovation, expertise, and commitment of our dedicated employees, who remain our greatest asset,” said Johnathan Johannes, chief executive officer (CEO) of 1st National who is also a CAB director, in a CAB release statement yesterday.

“We thank the board of The Banker magazine for this honour, and their recognition that a bank is measured not merely by size or geography, but rather by its adherence to and execution of good policies and international best practices necessary in driving performance across multiple facets of our business,” he continued.

Cayman National, in the meantime, was recognised for its leadership team, adding new technology to its credit cards, and for its actions to offset the effects of the coronavirus pandemic. These actions included loan repayment suspensions, participation in the creation of a standby credit line for the Government, and sponsorship of initiatives to support local businesses and to provide meals to vulnerable people. The bank also donated to the Literacy is for Everyone organisation to provide laptops and Internet access to students.

Janet Hislop, president of Cayman National, said that in a year unlike any other, the bank’s management and staff worked hard and came together in a most inspiring way to overcome the challenges of the pandemic so as to ensure that continued support was given to clients during a difficult time.

“Being recognised with this award is testament to the resilience of our team at CNB. I am extremely proud to lead and be part of a team that innovates and embraces excellence in customer service,” she commented.

The Bank of the Year Awards celebrates excellence in the industry worldwide. A panel of editors including regional and sector specialists assessed over 1,000 applications from 120 countries before deciding which banks were worthy of the highest honour in global banking, based on their improvements in the preceding year. The 2020 Banker’s Bank of the Year awards were presented to companies in 138 countries, along with six regional awards and the top prize for the global Bank of the Year award.