CIBC FirstCaribbean is a relationship bank offering a full range of market leading financial services through our Corporate and Investment Banking, Personal and Business Banking and Wealth Management segments. We are located in twelve (12) countries around the Caribbean, providing banking services through approximately 2,700 employees in 48 branches and offices.
We are one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$13 billion in assets and market capitalization of US$1.6 billion.
We also have a representative office in Hong Kong that provides business development and relationship management for our fund administration. The face of banking is changing throughout the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge gained from banking in the Caribbean since 1836.
Leadership
Brian McDonough Chair of the Board
Brian was previously the Executive Vice-President, CRO Global Credit Risk Management, at the Bank’s parent company, CIBC. He led CIBC’s Corporate and Commercial Adjudication globally and was responsible for assessment, adjudication and monitoring of credit risk in Wholesale Banking and Commercial Banking for CIBC.
Brian joined CIBC in 1983, has held various senior positions in Risk Management, and was appointed to the position of Executive Vice-President, Wholesale Credit and Investment Risk Management in July 2008.
He is a graduate of McGill University, University of Alberta and University of Toronto
Mark St. Hill Chief Executive Officer
Prior to this, Mark was appointed Managing Director, Retail & Business Banking in May 2013 where he had responsibility for the development and growth of CIBC First Caribbean’s Retail & Business Banking operations including the Bank’s cards issuing business.
Previous to his appointment as Managing Director, Retail & Business Banking, Mark was the Barbados Country Manager and Managing Director of CIBC FirstCaribbean’s Barbados Operating Company. Previous to that he was the Director, International Banking with responsibility for the leadership and development of the International Banking (Personal & Corporate) offering across the six centers in The Bahamas, Barbados, British Virgin Islands, Cayman, Curacao and Turks and Caicos Islands.
An experienced banker with 33 years in various positions spanning Insurance Brokerage, Retail Banking, Corporate Banking, Credit Risk, International Banking and Wealth Management, Mark has also held senior management positions in several countries in the Caribbean such as Grenada, British Virgin Islands and Barbados.
Mark is a Fellow of the British Institute of Chartered Secretaries and Administrators, a graduate of the FirstCaribbean Executive Leadership Program with Wharton Business School and has also completed the Master’s Certificate Program in Financial Services Leadership in conjunction with Schulich School of Business and CIBC. He is also the President of the Barbados Hockey Federation.
CIBC Caribbean Bank Limited – Transforming Itself Into The Region’s Premier Multi-Channel Financial Services Institution
2023 has seen significant change for CIBC FirstCaribbean. Our bank has delivered on its strategy of transforming itself into the region’s premier multi-channel financial services institution, as it prepares itself for growth in the coming years.
Today, its operational success and achievements are to be celebrated, while looking forward to the next exciting phase. The divestitures which the bank has completed in the past year, with sales of its assets in St. Vincent and Grenada to Bank of St. Vincent & Grenadines and Grenada Co-operative Bank Limited respectively, and its exit from Dominica, are part of the Bank’s revised focus on 10 key markets, which will help it to achieve its stated goal of providing banking service to its clients in a variety of formats, from creative digital solutions via mobile devices, to in branch client service and financial advice.
The two final divestitures in the Dutch Caribbean islands of St. Maarten and Curaçao, which were announced at the end of the fiscal year and are subject to regulatory approval, complete the bank’s right-sizing phase, and herald a renewed focus on growth in our core
markets. Your board is fully supportive of these plans, as it believes the focusing on our 10 key markets represents the best way forward to achieve our long-term growth and success of our Bank.
The Bank delivered a strong financial performance for the fiscal year as we continued to execute our client-centric strategy focused on deepening client relationships, enhancing our digital banking offerings, simplifying operations and investing in our people. Our strategic investments are creating a strong foundation for future growth and optimization of resources across our strategic business segments.
For the year ended October 31, 2023, the Bank reported net income of $269.9 million, up $93.5 million or 53% from the prior year’s net income of $176.4 million. Adjusted net income was $267.0 million, after excluding net gains of $2.9 million related to the previously announced divestitures compared with adjusted net income1 of $186.9 million at the end of 2022.
The year’s significantly improved results were largely due to the revenue uplift from higher US benchmark interest rates in our primary US dollar denominated operating companies in the Bahamas and the Cayman Islands. As the regional economies continued to recover
from the aftermath of the COVID-19 pandemic, transaction-based operating income returned to normalized levels, improving over the year.
While the high interest rate environment has improved margins in 2023, loan growth has been moderate in line with costlier debt and clients’ debt management strategies. Deposit growth has also slowed, as some client inflows have been directed towards alternate investment products or debt repayment. In 2024, a softer pace for economic growth and sustained inflation levels are likely to have broad implications across our strategic business units. However, even with some fluidity in the economic outlook, we are confident we can build on our momentum and drive strategic long-term growth.
