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CIBC FirstCaribbean positioned for growth – CEO

Press release

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CEO, Rik Parkhill, addressing the opening of the infrastructure conference

PRESS RELEASE – CIBC First Caribbean International Bank is experiencing significant growth across the Caribbean and is working with several public and private sector entities to implement multi million dollar projects across the region.

Rik Parkhill, CEO of the bank which has operations in 17 islands,  said that “with many of the island nations of the region now emerging from the recent economic recession and the work done by CIBC FirstCaribbean in staying the course and working with its customers towards recovery,  the best days of the bank are ahead of us.”

Mr. Parkhill, addressing a press conference ahead of the start of the 3rd annual CIBC FirstCaribbean Infrastructure Conference in Montego Bay, Jamaica, pointed to improvements in the Bank’s performance region wide, including in Jamaica which he said was “one of our stronger markets with some very encouraging signs.”

He said that the Bank’s  net income for the six month period ending April 30, 2015, was up J$137-million over the corresponding period, that they also recorded a strong performance in their loans portfolio and that the five-year trend for loan balances continues to increase year over year.

Noting that deposits have also increased as of April, Mr. Parkhill said they stand at J$47-billion compared with J$42.3-billion a year ago and he expressed optimism of the bank’s prospects for the future. He said they were encouraged by “the recent ratings upgrade and IMF reports which all point to signs of stability and growth in the Jamaican economy”.

Among the other islands in which the bank is experiencing growth are Barbados, Trinidad and Tobago,The Bahamas, and the Dutch Caribbean Islands – Curaçao, Aruba and St. Maarten and while Mr. Parkhill noted that the Eastern Caribbean countries are recovering from the recession at a slower pace, he said that the Bank is recording more growth today than at the same time a year ago.

Turning to the Infrastructure Conference taking place in Jamaica, Mr. Parkhill said that it will “put the focus on the use of Public Private Sector Partnerships (PPPs) ” to unlock the full economic potential of infrastructural development in the Caribbean.”

The two- day event will showcase some of the types of regional projects that continue to attract international investment; techniques to increase the credit rating of projects in the region; holistic approaches to airport and cruise port redevelopment; the roll- out of key tourism development projects via PPPs; harnessing efficiencies to upgrade water utility infrastructure and the impact of renewable energy on the Caribbean. Presenters and participants have been drawn for the Caribbean, Canada and the United States of America.

Mr. Parkhill said that he was very pleased that “in three short years the CIBC FirstCaribbean International Infrastructure Conference has grown into a major forum for international multilateral and regional investors, governments and the private sector to engage with a view to building partnerships which are ultimately aimed at driving infrastructural development in the Caribbean”.

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