FirstCaribbean International Bank’s strategy of market segmentation to improve customer service and sales generated significant mortgage and loan growth last year. The centralisation of some of the bank’s processes has improved its cost-income ratio, which decreased by a percentage point to 34% in 2006. Last year, the bank acquired all banking and asset management activities that were formerly owned by ABN AMRO’s Curaçao branch. The Curaçao organisation is recognised for its expertise in private banking, asset management and cash management.
The bank achieved significant growth in assets and profits in the past two years, while maintaining a low NPL ratio of 3% of the loan portfolio. Tier 1 capital was up 7% in 2006 and assets grew 66%. Net profits rose by 34% and over the past two years the increase was an impressive 161%.
The bank now offers a broad range of retail, corporate and wealth management products, and its recent acquisition will expand the group’s capabilities. In addition to the Curaçao acquisition, the bank has expanded its delivery network by opening branches and ATM sites in St Maarten and Cayman.
“The prestigious Bank of the Year Award is a wonderful first for The Cayman Operating Company that includes The Cayman Islands, British Virgin Islands, St Maarten and Curaçao,” says managing director Tom Crawford. “We continue to witness robust financial growth bank-wide and are elated that this group has contributed to the trend of excellence that has been the hallmark of our bank since its inception. This award would never have been possible without the fierce commitment of our employees, who continue to be celebrated annually through our own recognition programmes for their professional excellence.”
