Once again, FirstCaribbean International Bank has received an A- Credit Rating by the international rating board of Standard & Poor’s, validating its indubitable reputation of strength and stability on the Caribbean landscape.
Since its inception in 2002, FirstCaribbean International Bank has maintained an ‘A- Stable’ by Standard & Poor’s – the highest rating of any commercial bank in the English-speaking Caribbean, states a press release.
In explaining the basis for its assessment, the Standard & Poor’s report stated: ‘FirstCaribbean’s management has strong experience in the region and should be able to further strengthen the Bank’s regional presence. In the past two years, the Bank has been successful in integrating operations from previous institutions, and the FirstCaribbean brand is increasingly recognized in the Caribbean.’
Additionally, the report also noted that FirstCaribbean posted ‘good’ financial results at fiscal midyear – April 2005; while also highlighting the Bank’s regional infrastructure, business diversification, strong market share in the Caribbean, a successful integration process and its healthy financial condition as characteristic of FirstCaribbean.
Standard & Poor’s went on to report that FirstCaribbean’s asset base of over US$10 billion makes it one of the largest banks in the Caribbean with good market positions in several of the 16 countries in which the Bank operates. ‘Despite stiff competition, the Bank was able to achieve double-digit growth on its loan book, with important increments in the retail segment,’ the report continued.
It added: ‘ Improved profitability was a consequence of higher interest income coming from the loan portfolio, better performance of the securities portfolios that have benefited from higher interest rates, and a stable cost of funds that is achieved with the Bank’s large funding base.’
Standard & Poor’s gave a vote of confidence in FirstCaribbean’s future, indicating that they expect the Bank to continue capitalizing on its strengths derived from ownership and its good market position in the Caribbean to expand its banking operations.
As a major provider of banking services with over 72 branches throughout the region, FirstCaribbean International Bank is well positioned in the corporate, international, retail and capital markets and harnesses the expertise of its parent banks, Barclays Bank PLC and Canadian Imperial Bank of Commerce (CIBC).
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