FIRSTCARIBBEAN INTERNATIONAL Bank (FCIB) has created history by passing the US$4 billion loan mark in total lendings to its personal and business customers.
Interestingly, while FirstCaribbean International Bank Jamaica (FCIBJ) contributed US$148 million to the overall Caribbean lending as at January 31, 2005, it did so by offering a mix of the lowest lending interest rates and highest savings rates in Jamaica, according to managing director, Milton Brady.
On Monday, at a First Caribbean function, Mr. Brady acknowledged that high interest rates are not good for any economy, and he has committed his bank to find lending solutions for his clients while working within the context of the Jamaican market economy.
The bank's executive director of retail banking, Julian Murillo, is pleased with the growth in loans within the retail sector. "This was primarily in mortgages, and proves that we are the number one mortgage bank in the eyes of the customer. It's a signal that the packages we are putting together for our customers excellent rates, incentives, and an ever-improving level of customer service are finding favour with our customers, who are looking for the total package, and not just the cheapest rates. We have seen significant growth in Jamaica, the Bahamas, and the Cayman Islands. We have a strong product and that is primarily the reason behind this significant growth."
MAJOR ACHIEVEMENT
Looking back to the group's Caribbean operation, FirstCaribbean's Chief Executive Officer Charles Pink said, "This is a major achievement and I want to thank our teams who got us here. Our performance in loan growth continues to trend upwards. This latest achievement takes us nearer to our goal of becoming the bank of first choice for Caribbean people. Standard & Poors recently complimented us on our prudent credit risk policies. This speaks to the quality of our loan portfolio as well as quantity. It means our team is making the right decisions when assessing loan applications; providing Caribbean people with the financing they need, while still making good decisions on how we lend our depositors' and shareholders' money. I am very proud of the FirstCaribbean team."
Executive director of corporate banking, Mr. Horace Cobham, said that such an impressive performance identifies FirstCaribbean International Bank as the largest bank in terms of loan portfolio. "Our loan book is spread across three segments: retail, corporate and international banking, and within those three strategic units our business is stretched across almost every industry in the Caribbean. Our balance sheet strength is giving us the platform to provide financing for persons of all walks of life."
Cobham added: "Notwithstanding our success, we are always open for business, and are ready and able to meet the financing needs of the Caribbean. We are a Caribbean bank that is here for the Caribbean. We will be using all of our international connections and financial strength to deliver value-added for the Caribbean."
He added that retail, corporate, and international banking staff demonstrated excellent drive and focus in spearheading new business development, while the support functions that enable the sales force to deliver the product to the customer, have been working well together as a team.
FirstCaribbean serves 16 countries, from Belize, to The Bahamas to Barbados. It has 100 retail branches, corporate and international banking centres; some US$9 billion in assets; 3,100 staff and over 700,000 active accounts. From inception, the Bank has been rated as "A- Stable" by Standard & Poors - the highest rating of any commercial bank in the English-speaking Caribbean.
