The former CIBC FirstCaribbean Bank has been rebranded CIBC Caribbean, as the Canada-based financial institution transforms to a simplier, leaner and nimbler operation as it helps in making its customers’ dreams a reality and demonstrates its commitment to the region and specifically, Jamaica.

Speaking on January 31 at the rebranding ceremony in proximity of the bank’s New Kingston headquarters, managing director of CIBC Caribbean in Jamaica, Nigel Holness, described the event as a “home-coming celebration”.

Noting that CIBC is rated among the strongest banks in Canada and globally by Bloomberg, Holness reminded his audience, including the Minister of Finance and the Public Service Dr Nigel Clarke, Canadian High Commissioner to Jamaica Emina Tudakovic, and Stephen Forbes, EVP, purpose, brand & corporate affairs, CIBC Canada, that it was in 2002 that FirstCaribbean was formed out of the merger of CIBC West Indies Holdings and Barclays Bank LLC Caribbean operations.

In December 2006, he reminded that CIBC acquired majority control, when it purchased the 43.7 per cent stake owned by Barclays Bank. CIBC rebranded the division CIBC FirstCaribbean International Bank in 2011.

“Fast-forward to today, January 31, 2024, this time we are fully adopting CIBC brand and dropping the complexity associated with the other name…. we are making it simple…..

“From CIBC FirstCaribbean Bank yesterday, to CIBC Caribbean today.” Holness declared.

The rebranding, he said, marks another major milestone for the bank that has been “on an awesome journey to transform our business in the region with some remarkable achievements”.

Some of the achievements, he said, include:

• XG platform – which facilitates loan processing – from application to funds hitting the clients account – within 10 min;
• Mobile app and Internet banking platform, which gives clients the convenience of any time banking and control with access to features such as ‘freeze my card’ if a card is lost or stolen and their a mobile app “which is considered the best across the region,” the bank will also continue to build out their ABM infrastructure for 2024, he advised.

Holness said: “Being part of a widely respected and recognised global brand is a very positive statement. Being branded with the CIBC name and logo will help to open more doors and connect more clients locally, regionally and globally. “

“CIBC is rated as, and what that denotes is a very strong prospect for ongoing viability. Fundamental characteristics are very strong and stable, such that it is considered highly unlikely that the financial institution would have to rely on extraordinary support to avoid default,” he added.

Prudent banking

Holness explained that this is a “big deal”, especially in light of the petrie CEO of the mid-90s when Jamaica suffered as a result of the collapse of the financial markets and numerous banks were taken over and bailed out by the government.

“Because of our parent and its governing standards, which we were required to adhere to, this institution remained true to the fundamental principle of prudent banking and maintain its core credit practices,” he asserted.

Holness told his audience “we were never the biggest, but among the best. That is why CIBC FirstCaribbean Jamaica had the distinction of being named “Bank of the Year 2023” by The Banker, a financial times publication which is widely recognised as a global authority for economic and financial intelligence.”

“This rebranding exercise is about confirming our purpose, which is to help make your ambitions a reality. This is what we stand for and it drives everything we do.

We have three commitments to our clients:

• to make your goals our own
• to deliver excellence every day
• to show appreciation for your business

Declaring that CIBC Caribbean “clients and employees here in Jamaica and across the region will continue to benefit from the long-term investment that CIBC has and is making in the Caribbean dating back from the first branches opened in 1920”.

Holness added: “We honour the past, recognising where we are coming from and look forward to an exciting future that’s ahead of us. Together, we continue our contributions to national development.”

He said that “with the CIBC brand, we will continue to invest in Jamaica and grow our share of business, giving the consumer the ability to be confident in our strength, our capabilities, knowing their financial partner is trustworthy and will remain committed to our stated goal and purpose — ambitions made real”.

He acknowledged the contributions of “a very a special group of individuals who, over the years laid the foundation that we are now building on here”. Included among the former managing directors are: Jerry Neisen, Al Webb, Ann Shirley, Raymond Campbell, Milton Brady, and Clovis Metcalfe.