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Financial News

Jun 2007 Financial News

FIRSTCARIBBEAN WINS ANOTHER GLOBAL FINANCE AWARD

Jun 05, 2007

“BEST BANK” AWARD FOR REGIONAL BANK FOR THE 4TH YEAR RUNNING

Bridgetown, Barbados, June 5th, 2007. A double honour for FirstCaribbean International Bank! Once again the bank has been recognized as one of the Best Emerging Banks in Latin America by Global Finance Magazine. For the fourth year running, FirstCaribbean has received the title of Best Bank in Barbados, and for the first time it has copped the award in Jamaica.

Global Finance’s 14th annual survey of top banking performers in emerging markets, named those banks that are consistently providing high levels of service in often-tumultuous markets.

Global Finance’s Gordon Platt says: “A sound banking system is a key to economic development. As markets open to foreign competition and international banks make further inroads, they are sharing their knowledge and introducing new technology. Meanwhile, many local banks are rising to the competitive challenge, and improving their products and services. In selecting this year’s winners, we relied as always on input from industry analysts, corporate executives and banking consultants, as well as research by Global Finance’s editorial team.”

The selection criteria included knowledge of local conditions and customer needs, growth in assets, profitability, strategic relationships, experienced staff, innovative products, competitive pricing, level of non-performing loans and use of technology.

Chief Executive Officer of FirstCaribbean International Bank, Charles Pink, in commenting on the recognition of FirstCaribbean, said: “We’ve set our course and agreed a strategy that we believe will help us to reach our goal of setting the standard for regional financial services companies. Five years into our history, we are reaping the benefits of our investments for the benefit of customers. We think that sound risk policies and an emphasis on excellence in customer service will get us there.”

Mr. Pink was particularly pleased at winning the award in Jamaica. “This award, on top of the award of Best Bank in Jamaica from Latin Finance earlier this financial year, is especially gratifying. Two years ago we were lagging well behind the competition in Jamaica. But investment in expansion of the number of branches and ABMs, with more to come, and a strong and enthusiastic team led by excellent management has led us to leadership in customer service and overall performance. FirstCaribbean has emerged as a force to be reckoned with in the Jamaica market.

In describing its process for selecting its winners, Global Finance noted “The winners are not always the biggest banks but, rather, the best banks—those with the qualities that corporations should look for when choosing a bank. These are banks with effective risk-management systems and good corporate governance. They often are also banks that get involved with improving their local communities through support for higher education and social programs, particularly in the poorest countries. Many are involved with microfinance and lending to small and medium-size businesses, as well as serving the needs of the growing list of major corporations in their countries.”

Source:
FirstCaribbean International Bank
June 5, 2007

http://www.firstcaribbeanbank.com/news_article.html?stampid=1181445487&id=222