FirstCaribbean International Bank has been ranked as one of the 500 largest Banks in the world. FirstCaribbean ranked 445 out of the world’s top 1,000 banks, by The Banker magazine, the highest rating among Caribbean-based banks.
Each year, The Banker magazine ranks the world’s commercial banks, based on the definition of Tier 1 capital as defined by Basel’s Bank for International Settlements. According to The Banker: ‘The definition is more strict than total stockholders’ equity and covers only the core of the banks’ strength: the shareholders’ equity available to cover actual or potential losses. Tier 1 includes common stock, disclosed reserves and retained earnings and, in the case of consolidated accounts, minority interests in the equity of subsidiaries that are less than wholly owned. It excludes preference shares, revaluation reserves, hidden reserves, subordinated and other long-term debt.’
The magazine notes that the object of the survey is to show the banks’ soundness in relation to the Basel requirement of a minimum Tier 1 capital on risk-weighted assets of 4 per cent and a minimum ratio of capital to risk-weighted assets of 8 per cent, states a press release.
FirstCaribbean Chief Executive Officer, Charles Pink, was delighted at this latest recognition for FirstCaribbean. ‘A bank builds the confidence of its customers and the market based on solid performance and an excellent reputation. We at FirstCaribbean have been building that since we were formed three years ago. We remain confident that we have been putting in the right systems, the right people and the right risk policies to allow us to be the top performing bank in the Caribbean region.
‘To be ranked so strongly among the thousands of banks across the world is truly an honour – and a tribute to all the hard work of hundreds of people who have dedicated themselves over the past three years to developing FirstCaribbean.’
The CEO promised that there’s much more on the cards for FirstCaribbean. ‘We are currently at the point in our history where we are leveraging the foundation of great systems and great teams we have been laying. Many have heard me refer to FirstCaribbean as a former sleeping giant. That sleeping giant has awakened and we are making our mark on the Caribbean and on the world stage. Our future looks very exciting.’
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