History of CIBC Caribbean

Research the important milestones of CIBC Caribbean's history in the region

• History of FirstCaribbean 2002 – 2022
  • 2022

    1. November

       Mark St. Hill takes over as CEO of CIBC FirstCaribbean

  • 2018

    1. November

       Colette Delaney takes over as CEO of CIBC FirstCaribbean, the first woman to do so.

    2. March

       FirstCaribbean International Bank Limited announced that it had filed a Registration Statement on Form F-1 with the United States Securities and Exchange Commission (“SEC”) relating to the proposed initial public offering in the United States of FCIB’s common shares. 

  • 2017

    1. June

       Twelve years after signing the first historic document, CIBC FirstCaribbean and members of eleven regional trade unions recently initialed a second FirstPartnership Principles Agreement.

    2. May

       CIBC FirstCaribbean opens its second branch in Chaguanas Trinidad.

    3. February

       CIBC FirstCaribbean introduces Chip & PIN technology for its credit cards.

  • 2016

    1. September

       CIBC FirstCaribbean introduces paperless statements for its clients

    2. August

       CIBC FirstCaribbean opens an ultra-modern finance centre at Cole Bay in St. Maarten

    3. June

       CIBC FirstCaribbean launches its Mobile App.

    4. March

       The bank introduces its prestigious Distinguished International Women’s Day lecture. The inaugural lecture was delivered by Hon. Madame Justice Jacqueline Cornelius, a justice of the High Court of Barbados.

    5. January

       CIBC FirstCaribbean welcomes career banker, Gary Brown as its new CEO

  • 2015

    1. May

       Platinum Banking introduced to the Curacao market

       The bank launches its BizApp credit adjudication tool for Business Banking clients

    2. April

       CIBC FirstCaribbean unveils its environmental mural.

    3. September

       CIBC FirstCaribbean goes “Green” by introducing paperless statements

  • 2014

    1. November

       CIBC FirstCaribbean’s pays tribute on the passing of its founding Executive Chairman Michael Mansoor

    2. September

       CIBC FirstCaribbean and other commercial banks n the EC Currency Union initiated the Eastern Caribbean Automated Clearing House (ECACH)

    3. May

       CIBC FirstCaribbean opens private wealth management office in Grand Cayman.

  • 2013

    1. December

       CIBC FirstCaribbean’s Head Office at Warrens, St. Michael in Barbados renamed after recently retired Executive Chairman Michael Mansoor retired.

       Flagship Warrens Branch opened to the public.

    2. October

       Former Jamaica Prime Minister Most Hon. Percival James Patterson delivers the Frank Worrell Memorial Lecture.

    3. September

       CIBC FirstCaribbean's operating companies in Barbados and The Bahamas awarded the prestigious Bank of the Year 2013 by The Banker Magazine.

       CIBC FirstCaribbean signed an MOU with the Hospital for Sick Children.

  • 2012

    1. October

       CIBC FirstCaribbean celebrated its 10th Anniversary.

       CIBC FirstCaribbean launched Walk for the Cure.

    2. April

       CIBC Bank and Trust wins Caribbean Private Bank of the Year 2012 accolade from Citywealth Magazine.

    3. January

       CIBC FirstCaribbean’s Barbados Operating Company wins prestigious Braken Award for Bank of the Year 2011 from Banker Magazine.

  • 2011

    1. November

       Cornellie Schoonhoven-Muntslag, an 83 year-old Curaçao native, who has spent her adult life championing the rights of the visually impaired gives Curaçao its first top award in CIBC FirstCaribbean’s region-wide Unsung Heroes programme.

    2. September

       CIBC FirstCaribbean welcomes new CEO, Rik Parkhill, former Managing Director and Global Head of CIBC’s Capital Markets Sales and Cash Equities. Parkhill replaced outgoing CEO John Orr, who returned to CIBC Toronto to take up the post of Executive Vice President Corporate Development & Strategy.

    3. June

       FirstCaribbean International Bank announces that it will be branded under the CIBC banner by adopting the co-branding ‘CIBC FirstCaribbean International Bank.

    4. January

       FirstCaribbean launches eCheque card companies with a convenient way to electronically pay employees and service providers.

  • 2010

    1. December

       FirstCaribbean International Bank in Cayman has won its second prestigious Bracken Bank of the Year title from acclaimed magazine, The Banker. The Banker is published by the Financial Times of London.

    2. November

       FirstCaribbean International Bank launches Visa Debit Card in Antigua and Anguilla.

    3. October

       FirstCaribbean International Bank launches Visa Debit Card in Barbados, The Bahamas, Dominica Grenada, Jamaica, St. Kitts and St. Vincent.

    4. September

       FirstCaribbean International Bank introduces its Bank@School product to “Freshers” at the University of the West Indies (UWI) Cave Hill Campus.

    5. August

       FirstCaribbean International Bank Bahamas is awarded Best Bank in The Bahamas in the Euromoney Awards for Excellence 2010.

    6. May

       Clients of FirstCaribbean begin banking on the go following the introduction of Mobile Banking.

    7. April

       British Airways and FirstCaribbean partner to launch the British Airways Business Visa Credit Card providing flexible payments and rewards for purchases made.

    8. March

       FirstCaribbean is awarded the Project Finance Latin America Project Bond Deal of the Year, for its role as joint lead arranging bank and local placement agent in the US$265 million financing for the redevelopment of the Lynden Pindling International Airport in Nassau, The Bahamas.

  • 2009

    1. December

       Customers in Curacao swipe FirstCaribbean credit cards for the first time after the launch of Classic, Gold and Platinum cards there.

       FirstCaribbean wins a Bank of the Year award for its work in The Bahamas. It is the Bank’s fourth win of this award in that country.

    2. September

       FirstCaribbean responds to the St. Jude’s Hospital crisis in St. Lucia and makes a contribution of EC $200,000 to kick start the rebuilding process.

    3. August

       A new-look Online Banking site launches with enhanced features, including an improved sign-up process, wider Bill Payment options and more user-friendly options.

    4. July

       FirstCaribbean wins an award for Best Bank in Barbados in the Euromoney Awards for Excellence 2009 by Euromoney magazine.

       FirstCaribbean makes a donation of US$25,000 to the Barbados Youth Business Trust, part of a larger donation of US$100,000 to youth business across the Caribbean

    5. April

       The Grace Bay branch in the Turks and Caicos Islands becomes the first FirstCaribbean location to be outfitted with geothermal energy systems. Future installations are successfully made at Shirley Street in The Bahamas and Portmore in Jamaica.

  • 2008

    1. October - November

       FirstCaribbean provides more than US$150,000 in disaster relief to islands affected by the 2008 hurricane season.

       The Banker Magazine notifies FirstCaribbean that it has won two Bank of the Year Country Awards for its work in The Bahamas and Barbados.

    2. August 

       Career banker, John Orr, joins FirstCaribbean as Chief Executive Officer.

    3. July

       FirstCaribbean makes a major step in environmentally friendly practices. It is decided that the Bank will install geothermal energy systems at future locations.

       FirstCaribbean wins the “Best Bank in Barbados” award. The commendation is given by Euromoney Magazine as part of their Euromoney Awards of Excellence 2008.

    4. June

       FirstCaribbean signs a four-year Memorandum of Understanding with Junior Achievement to the tune of US$204,000.

       It’s the Bank’s contribution to youth of the region who have an interest in entrepreneurship.

    5. April 

       FirstCaribbean celebrates a “Best Bank Award” win for the fifth consecutive year. This time, it’s the Bank’s Barbados operations which Global Finance Magazine recognizes for its growth, customer service and products.

    6. March

       FirstCaribbean’s senior leaders meet with His Royal Highness, The Prince of Wales in Jamaica. Prince Charles thanks FirstCaribbean for its contribution of US$245,000 to the Caribbean Association of Youth Business Programmes—of which he is a patron.

  • 2006

    1. December

       CIBC purchased 599,401,230 shares of FirstCaribbean under the previously announced plans to acquire Barclays 43.7 per cent ownership in the regional financial institution. CIBC paid US$988,652,389 in cash. The purchase price paid to Barclays represents US$1.62 for each FirstCaribbean share, plus accrued but unpaid dividends.

       CIBC, following its acquisition of 599.4 million shares of FirstCaribbean, made an offer to all remaining shareholders, to acquire their shareholding in the regional bank by way of an Offer Circular from CIBC Investments (Cayman) Limited, to acquire all the issued common shares at a price of US$1.62 a share, plus accrued but unpaid dividends. The offer is valid until January 30th, 2007.

       FirstCaribbean received several awards in 2006:

       · The Banker Magazine Bracken Awards Best Bank in Jamaica and The Bahamas

       · Euromoney Magazine 2006 Awards for Excellence Best Bank in Barbados Award

       · LatinFinance Banks of the Year 2006 Award

       · Global Finance Magazine Best Banks 2006 Award

       - Jamaica Stock Exchange 2006 Best Practices Award

    2. November

       The FirstCaribbean 2006 Regional Unsung Hero and runners-up are announced as well as a special commendation to one individual.

       St. Vincent and the Grenadines' Jestina Charles was selected as the 2006 "Unsung Hero" while St. Lucian Laura Collymore and Bahamian Marvin Finlayson were selected runners-up. This year, for the first time since the programme started in 2003, the judges added a fourth person to the heroes line up. Fabian Mitchell from Jamaica was selected for special commendation.

    3. September

       FirstCaribbean's Wealth Management Centre in Curacao offers customers their site, at www.firstcaribbeanbank.an, in Spanish and Portuguese.

    4. June

       The Euromoney Magazine Awards for Excellence has awarded FirstCaribbean International Bank the Best Bank in Barbados Award for 2006 within the Caribbean region.

       Further to the announcement on March 13th, 2006, FirstCaribbean International Bank's majority shareholders, CIBC and Barclays Bank reached a definitive agreement for CIBC to acquire Barclays 43.7% ownership stake in FirstCaribbean.

    5. May

       The Caribbean Disaster Emergency Response Agency, in collaboration with FirstCaribbean International Bank is offering a scholarship to a Caricom citizen for a course of study, research or training in Disaster Management for 2006.

    6. April 

       The commercial then went on to compete at the next level, the 4th District ADDY Competition, where it was judged amongst nearly 2000 entrants, comprising the highest scoring advertising from the Caribbean and Florida state and won Silver again.

       FirstCaribbean's corporate television commercial "Get there. Together." won a Silver ADDY at the Caribbean Advertising Federation level, where it was the highest scoring television commercial in its category.

       The editors of Global Finance Magazine named FirstCaribbean "Best Bank In Barbados" for the third time in as many years.

    7. March

       CIBC announces discussions to acquire Barclays stake In FirstCaribbean in major investment in the Caribbean.

    8. January

       ABN AMRO and FirstCaribbean International Bank announce that they have received approval from the Central Banks of Curaçao, the Cayman Islands and Barbados for the sale of ABN's Curaçao Branch to FirstCaribbean International Bank. With these approvals the purchase has become final and is expected to be completed on January 31st, 2006.

  • 2007

    1. June

       FirstCaribbean International Bank is once again recognised 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.

    2. May

       FirstCaribbean International Bank signs a Memorandum of Understanding with the Oil and Gas Origination Team of Bank of Scotland. This MOU is a strategic alliance between the two banks, aimed at developing commercial opportunities in the energy sector.

       Under their second three-year accord signed on October 30, 2006, The University of the West Indies and FirstCaribbean International Bank have made a firm commitment towards facilitating the advancement of knowledge and understanding of issues affecting business, trade and financial services in the Caribbean.

       To demonstrate this commitment, the University and the Bank hosted another major history-making event with the 2007 Case Analysis Competition at the Cave Hill Campus.

    3. March

       FirstCaribbean Capital Markets was awarded the "Deal of the Year Trinidad & Tobago" title for 2007. The prestigious accolade, issued by The Banker Magazine and the Financial Times Group, is the only one ever awarded to FirstCaribbean as well as marks the first time the honour has been presented to financial institutions in the Caribbean region. Capital Markets received the award for the Urban Development Corporation of Trinidad & Tobago (UDECOTT) short-term financing facility completed in 2006.

  • 2005

    1. December

       FirstCaribbean salutes the achievements of the 2005 Regional Unsung Hero and Runners-Up - 2005 Unsung Hero, Gloria Edwards Of Belize; Runner-Up, Cynthia Stanko Of The Cayman Islands And Runner-Up, Mavis Williams Of The Bahamas.

    2. November

       ABN Amro and FirstCaribbean International Bank announce that FirstCaribbean intends to acquire ABN AMRO's international banking and asset management business in Curaçao, Netherlands Antilles.

    3. October

       Global Finance Magazine has awarded FirstCaribbean the "Best Emerging Market Bank" award for the second year in a row after its 12th annual survey.

       FirstCaribbean ranks in the World's Top 500 Banks at number 445 out of top 1000 Banks in the world, by The Banker Magazine. FirstCaribbean has the highest rating among Caribbean-based Banks.

    4. July

       FirstCaribbean International Bank signs an historic partnership agreement with eleven of this region's leading trade unions.

       Signatories to FirstPartnership Principles Agreement are The Antigua and Barbuda Workers Union, The Bahamas Financial Services Union, The Bahamas Financial Services Management Workers Union, the Barbados Workers Union, the Christian Workers Union of Belize, the Waterfront and Allied Workers Union of Antigua, the Technical and Allied Workers Union of Grenada, the Bustamante Industrial Workers Union of Jamaica, the National Workers Union of St Lucia, Bond di Empleadonan Bankario I Aseguro (BEBA) of St Maarten, and the Commercial Technical and Allied Workers Union of St Vincent.

       FirstCaribbean joins Eastern Caribbean Stock Exchange.

       FirstCaribbean International Bank is already traded on the stock exchanges of Barbados, Trinidad and Tobago and Jamaica and is the largest publicly traded financial institution in the region with a market capitalisation of close to US$2 billion and total assets in excess of US$8 Billion.

        

    5. March

       FirstCaribbean International launches the CareerFirst Graduate Recruitment Scheme.

       FirstCaribbean International Bank launches its Adopt-A-Cause programme and invites its staff to become involved in Community Relations.

    6. January

       Acquisition of The Mercantile Bank completed.

       FirstCaribbean launches its Electronic Banking Internet And Telephone Banking service.

  • 2004

    1. November

       FirstCaribbean intends to acquire The Mercantile Bank in Trinidad and Tobago.

    2. September

       FirstCaribbean International Bank responds to the recent weather challenges:

       FirstCaribbean International mobilised its resources around the Caribbean to respond to the challenges posed by weather systems around the region. The largest bank in the English-speaking Caribbean rolled out its contingency plans to provide banking services to its customers in The Bahamas, The Cayman Islands, Jamaica and Grenada, who were affected by the passage of Hurricanes Frances and Ivan within that month. Chairman, Michael Mansoor, noted, "Our Barbados Head Office has marshalled its resources and those in other islands to provide support to our colleagues in the affected countries, so they can continue to provide service to our customers."

       FirstCaribbean International Bank is named Bank Of The Year 2004 from The Banker Magazine.

       FirstCaribbean joins with its heritage companies to provide $725,000 US in relief to hurricane affected countries.

    3. July

       FirstCaribbean International Bank signs Memorandum of Understanding with Caribbean Disaster Emergency Response Agency (CDERA).

       FirstCaribbean receives "Best Emerging Market Bank" award. FirstCaribbean International Bank has been named one of the best emerging market banks for 2004 in Latin America by Global Finance Magazine.

  • 2003

    1. October

       FirstCaribbean celebrates its first anniversary.

       FirstCaribbean launches programme to honour Caribbean's Unsung Heroes.

       Nurse Margaret Juan, a nurse living and working in Belize, was named FirstCaribbean's regional Unsung Hero for 2004 on November 2nd, 2004. Miss Lucy Miguel who has cared for many neglected children in St. Vincent & the Grenadines for the past 20 years and William Shagoury who contributed to 15 self-help and non-governmental organisations in the community of May Pen in Jamaica were named 2nd and 3rd winners respectively.

    2. March

       Another FirstCaribbean Initiative: Multi-year US$300,000 Partnership with The University of the West Indies - Memorandum of Understanding between the bank and the University of the West Indies, was signed on March 31st.

    3. February

       FirstCaribbean launches Bank-wide Technology Integration and Upgrade Project to provide customers with faster service and more ways to Bank.

    4. January

       FirstCaribbean International Bank Limited completes successful Rights Offering by which the public shareholding in the company increased to 12.5%, with CIBC and Barclays each retaining a 43.75% shareholding.

  • 2002

    1. October

       FirstCaribbean International Bank deal completed; Bank commences operations on October 14, 2002.

       Following governmental and regulatory approvals, FirstCaribbean International Bank started operations in the Caribbean on 14 October 2002 with Barclays and CIBC as majority shareholders of FirstCaribbean, having at the time a 45% shareholding each, with the remaining shares actively traded on the various Caribbean stock exchanges.

       FirstCaribbean International Bank officially introduces its new brand and visual identity to the Caribbean and the world.

  • 2001

    1. October

       Barclays Bank PLC and Canadian Imperial Bank of Commerce reach agreement to combine Caribbean operations to establish FirstCaribbean International Bank.

       Barclays Bank PLC based in London, and Canadian Imperial Bank of Commerce (CIBC) based in Toronto combine their retail, corporate and offshore Caribbean operations to create FirstCaribbean International Bank.

    2. July

       Barclays and CIBC in discussions to combine Caribbean operations to establish FirstCaribbean International Bank.

• Barclays' History in the Caribbean 1836 – 2002
  • Introduction

    1. The early decades of the nineteenth century saw the establishment of the first joint stock banking companies in England, providing greater resources and security for shareholders and customers. Against this background, and the favourable economic conditions in both England and the West Indies, a group of merchants and bankers in London decided to establish a bank to operate in the West Indies.

  • 2006

    1. On 22 December 2006, CIBC acquired Barclays stake and became the majority shareholder in FirstCaribbean.

  • 2001

    1. On July 23, 2001 Barclays and CIBC announced that they were in advanced discussions which were intended to lead to the combination of their retail, corporate and offshore banking operations in the Caribbean to create FirstCaribbean International Bank™ Implementation of the combination would be subject to required approvals from government and regulatory authorities.

       On October 31, 2001 Barclays Bank PLC and Canadian Imperial Bank of Commerce reached agreement to combine Caribbean operations to establish FirstCaribbean International Bank™ With over 150 years of representation in the Caribbean, Barclays has a long history to look back on. Its past success is demonstrated by the fact that we have remained the largest bank in all its original countries with just three exceptions, Jamaica, Trinidad and Guyana, where they no longer have branch representation. To accomplish this, and to continue to do so, they provided a wide range of services, some traditional, some new.

       As well as continuing to serve the local population and industries, in recent years Barclays has worked with other local professionals and the regional governments to fashion the offshore finance industry of the region. To support this, we have established dedicated offshore banking centres in five Caribbean territories, Barbados, the Bahamas, the British Virgin Islands, the Cayman Islands and the Turks and Caicos Islands.

  • 1980 to 2001

    1. The 1980s saw banks in the Caribbean being computerised, and Barclays branches changed from the traditional mechanical and electronic accounting machines to being fully computerised. Barclays was the market leader in the provision of credit card services, and introduced the first Automated Teller Machines (ATMs), linking these in to the worldwide credit card network providing great benefit and convenience for tourists wishing to obtain cash advances

  • 1950 to 1980

    1. For the Colonial Bank, now known as Barclays Bank, the pace of change became perceptible from the 1950s, when George Gilbert Money arrived to head the Caribbean region from headquarters in Barbados. At that stage, all clerical staff were white, although a few coloured clerical staff had been engaged in Jamaica and British Honduras (Belize). George Money immediately began the practice of hiring suitable people without regard to colour, a policy started by Barclays and followed two or three years later by the rest of the region's banks.

  • 1840 to 1950

    1. Throughout much of the nineteenth century, the Colonial Bank operated as a virtual monopoly in the Caribbean, with the only serious competition being from the West India Bank in the 1840s. The spread of representation across the Caribbean islands provided a degree of resilience to local economic circumstances, and the Colonial Bank proved to be a commercial success.

       There were few changes for the Colonial Bank over the first hundred years of its existence. The economy of the West Indies remained based on primary production, with sugar of overwhelming importance, and the Bank's business remained what it had always been - financing agriculture and trade. In most countries it was also banker to the Government.

  • 1836

    1. A Royal Charter to establish this bank, with the name The Colonial Bank, was granted on 1 June 1836, and the following May offices were opened across the Caribbean, commencing with offices in Barbados, Trinidad and British Guiana, and continuing later in 1837 with representation in St Lucia, Grenada, Antigua, Dominica, St Kitts, St Vincent, the Danish Virgins and Kingston, Jamaica.

• CIBC's History in the Caribbean 1920 - 2002
  • 2006

    1. On 22 December 2006, CIBC acquired Barclays stake and became the majority shareholder in FirstCaribbean.

  • 2001

    1. On July 23, 2001 Barclays and CIBC announced that they were in advanced discussions which were intended to lead to the combination of their retail, corporate and offshore banking operations in the Caribbean to create FirstCaribbean International Bank™ Implementation of the combination would be subject to required approvals from government and regulatory authorities.

       On October 31, 2001 Barclays Bank PLC and Canadian Imperial Bank of Commerce reached agreement to combine Caribbean operations to establish FirstCaribbean International Bank™ With over 150 years of representation in the Caribbean, Barclays has a long history to look back on. Its past success is demonstrated by the fact that we have remained the largest bank in all its original countries with just three exceptions, Jamaica, Trinidad and Guyana, where they no longer have branch representation. To accomplish this, and to continue to do so, they provided a wide range of services, some traditional, some new.

       As well as continuing to serve the local population and industries, in recent years Barclays has worked with other local professionals and the regional governments to fashion the offshore finance industry of the region. To support this, we have established dedicated offshore banking centres in five Caribbean territories, Barbados, the Bahamas, the British Virgin Islands, the Cayman Islands and the Turks and Caicos Islands.

  • 1980 to 2001

    1. The 1980s saw banks in the Caribbean being computerised, and Barclays branches changed from the traditional mechanical and electronic accounting machines to being fully computerised. Barclays was the market leader in the provision of credit card services, and introduced the first Automated Teller Machines (ATMs), linking these in to the worldwide credit card network providing great benefit and convenience for tourists wishing to obtain cash advances.

  • 1950 to 1980

    1. The 1980s saw banks in the Caribbean being computerised, and Barclays branches changed from the traditional mechanical and electronic accounting machines to being fully computerised. Barclays was the market leader in the provision of credit card services, and introduced the first Automated Teller Machines (ATMs), linking these in to the worldwide credit card network providing great benefit and convenience for tourists wishing to obtain cash advances.

  • 1840 to 1950

    1. Throughout much of the nineteenth century, the Colonial Bank operated as a virtual monopoly in the Caribbean, with the only serious competition being from the West India Bank in the 1840s. The spread of representation across the Caribbean islands provided a degree of resilience to local economic circumstances, and the Colonial Bank proved to be a commercial success.

       There were few changes for the Colonial Bank over the first hundred years of its existence. The economy of the West Indies remained based on primary production, with sugar of overwhelming importance, and the Bank's business remained what it had always been - financing agriculture and trade. In most countries it was also banker to the Government.

  • 1836 - 1837

    1. A Royal Charter to establish this bank, with the name The Colonial Bank, was granted on 1 June 1836, and the following May offices were opened across the Caribbean, commencing with offices in Barbados, Trinidad and British Guiana, and continuing later in 1837 with representation in St Lucia, Grenada, Antigua, Dominica, St Kitts, St Vincent, the Danish Virgins and Kingston, Jamaica.