CIBC FirstCaribbean International Bank Group CEO Douglas Parkhill has declared that the banking group he now heads will be aggressively asserting itself in Jamaica and will now be going out to increase its market share.

Speaking at a welcome reception at the Terra Nova All-Suite Hotel on Tuesday night, the third CEO of CIBC FirstCaribbean said that he will now be meeting customers to ascertain their needs and requirements and getting the bank to meet them.

Parkill is a graduate of Canada’s Queens University with more than 20 years’ experience in the financial services industry. Before joining CIBC in 2008, he was co-CEO of the Toronto Stock Exchange.

In this role, he was responsible for determining the strategic direction of the Toronto Stock Exchange and enhancing its competitive positioning. He played a key role in expanding its domestic and international products and improving its operational effectiveness.

Parkhill joined CIBC in 2008 as managing director, head of Capital Markets, Sales and Equities. He had the responsibility for sales, trading, alternative execution services, and research for all aspects of CIBC’s cash equities business.

Chairman of CIBC FirstCaribbean International Bank Michael Mansoor said: “Rik has come to CIBC FirstCaribbean at a time when most of our small-island economies are under stress. Growth, foreign direct investment and economic buoyancy are at low ebb. Some have called it a perfect storm – I call it a perfect opportunity to ride the waves – wait for the new dawn. Paradoxically, this new dawn may well become evident in the west of the Caribbean archipelago, right here in Jamaica.

“He comes to a FirstCaribbean Bank that has been strengthening its product offerings in the in-branch, mobile and Internet banking channels across the region. We have recently launched full universal banking platforms in Trinidad and Curacao… all of this, so that we are already for the opportunities and promise of the future.”

Mansoor pointed out that FirstCaribbean has launched a new generation of bank branches, which minimises waiting time and improves the customer experience with instant teller machines and access to ipads for Internet banking.

Parkhill made it clear that he is eager to get to know the region and immerse himself in the culture of doing business in the Caribbean. Among his priorities, he listed visiting as many of the bank’s clients, partners and employees as he can in the coming weeks.

“Despite the ongoing challenges facing the economies of the region, and indeed the world, there is still considerable scope for growth for our company. We intend to position ourselves to work alongside our clients to ensure they in turn are positioned to take advantage of the opportunities that are sure to present themselves as the recovery of the world economy progresses. It’s an interesting and exciting time to be here,” he continued.

FirstCaribbean Bank has gone through some challenging times of late, posting somewhat lacklustre financial results. For the nine-month period ended July 30th, 2011, First Caribbean Bank’s total assets came to US$10.1 billion, up marginally on the US$9.8 million posted for July 2010. Net income for the period under review amounted to US$71 million. Excluding securities gains, this was US$22 million, 25 per cent lower than the prior year.

Revenues decreased by two per cent year on year driven by lower net interest income due to the slump in loan demand/growth and lower securities volumes resulting from disposals in the prior year. Expenses increased by four per cent year on year because of higher contractual actuarial and one-time costs affecting remuneration and benefits, depreciation advertising and business taxes partially offset by lower loan loss impairment and taxation expenses.

Mansoor says that FirstCaribbean will continue to benefit from the strength of its parent CIBC and this will play a major part in positioning it as a leading player in the Caribbean.

He explained: “We have always been proud of our CIBC parentage. CIBC is one of the best-capitalised banks in North America with an asset base of US$384 billion, 42,000 employees and 11 million customers. CIBC has been ranked fourth among the world’s strongest banks by Bloomberg Markets Magazine.

“Indeed we have benefited greatly over the years from the active support and backing of our parent, and Canadian banking practices which have recently ranked as best in the world by World Economic Forum.”

Parkhill will be based at the group’s headquarters in Barbados. On Parkhill’s appointment, Mansoor added: “He has the right combination of leadership and industry experience to lead our bank at the current stage of our company’s development and in the present economic environment.”