CIBC FirstCaribbean has been named Bank of the Year by The Banker, a global authority for economic and financial intelligence in the financial sector.

The award was presented on November 30 at the prestigious Banker’s Bank of the Year Awards gala dinner in London.

The Banker has been at the forefront of international banking coverage since 1926 and the Bank of the Year Awards are highly respected as the industry’s standard for banking excellence.

Nigel Holness, managing director of CIBC FirstCaribbean, said that the board, management and staff were elated to receive the award and regarded it as acclamation of their products and services, including “success in building a digitally enabled bank focused on safety, convenience and the delivery of personalized quality service which supports Jamaica’s growth and the development and the aspirations of our shareholders”.

Holness attributed the “Banker’s award for banking excellence and continuous digital innovation” to CIBC FirstCaribbean’s ability to deliver seamless digital convenience for easy, anytime, anywhere banking powered by our award-winning mobile app and online banking”.

He also pointed to a number of “firsts” achieved by the bank including “1st Pay, which enables immediate transactions using a mobile phone, email or QR code; our first of its kind digital lending platform, the Loan Store, which approves financing from application to funding in under 10 minutes”.

The Banker said that “regardless of economic conditions, banks around the world play a critical role in developing new markets and client’s businesses by rising to industry challenges and developing initiatives to bring financial services to more people across the world”.

The Banker’s Bank of the Year Awards has been running since 2000 and is the most prestigious in global banking. Its scope covers more than 120 countries worldwide and the competing institutions are judged on their ability to deliver strong financial performance while turning challenges into opportunities.

The banks are judged by a panel of editors, including regional and sector specialists. The decisions are made according to key criteria of improvements made over the past 12 months, the results of which are peer reviewed.