CIBC FirstCaribbean has been named Bank of the Year by The Banker, the international financial affairs publication owned by The Financial Times Limited.

The award was presented on November 30, 2023 at the prestigious Banker’s Bank of the Year Awards gala dinner in London.

The Banker, a global authority for economic and financial intelligence, has been at the forefront of international banking coverage since 1926, and the Bank of the Year Awards are highly respected as the industry’s standard for banking excellence.

Nigel Holness, managing director of CIBC FirstCaribbean, said that the board, management, and staff were elated to receive the award and regarded it as acclamation of their products and services, including “success in building a digitally enabled bank focused on safety, convenience, and the delivery of personalised quality service which supports Jamaica’s growth and the development and the aspirations of our shareholders”.

He attributed the “Banker’s award for banking excellence and continuous Digital Innovation” to CIBC FirstCaribbean’s ability to deliver seamless digital convenience for easy, anytime, anywhere banking powered by its award-winning mobile app and online banking.

Holness also pointed to a number of “firsts” achieved by the bank, including “1st Pay which enables immediate transactions using a mobile phone, e-mail, or QR code and the Loan Store, its first of its kind digital lending platform which approves financing from application to funding in under 10 minutes.

The Banker said that “regardless of economic conditions, banks around the world play a critical role in developing new markets and client’s businesses by rising to industry challenges and developing initiatives to bring financial services to more people across the world”.

The Banker’s Bank of the Year Awards has been running since 2000 and is the most prestigious in global banking. Its scope covers more than 120 countries worldwide and the competing institutions are judged on their ability to deliver strong financial performance while turning challenges into opportunities.

Banks are judged by a panel of editors, including regional and sector specialists. The decisions are made according to a key criteria of improvements over the past 12 months and the results are peer reviewed.