CIBC Caribbean is going big on technology as it puts more focus on Jamaica. (Photo: Garfield Robinson)
CIBC Caribbean going big on tech
Jamaica remains growth engine
As CIBC Caribbean Bank Limited doubles down on growing its 10 core markets, it will be putting greater investments towards technology to differentiate itself across the region.
This was announced by CIBC Caribbean chief executive officer (CEO) Mark St Hill at the bank’s 31st virtual annual general meeting (AGM) held on Friday. CIBC Caribbean has shifted its strategy over the last decade which has seen it move from operating in 18 markets with 72 branches to 10 markets with 45 branches. This strategy involved divesting its operations in certain regional markets within the last four years and rebranding itself from FirstCaribbean International Bank Limited to that of its parent company, CIBC (the Canadian Imperial Bank of Commerce), as it seeks to grow its operations.
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Apart from growing its deposit base and range of specialised loan facilities, the regional bank has also put a strong emphasis on technology to make itself more attractive in the Caribbean. Apart from the ability to get notifications on electronic deposits or transfers, CIBC Caribbean introduced features such as QR codes which allow for CIBC Caribbean clients to make transfers to other CIBC Caribbean customers without needing to ask for their banking details. During its 2024 financial year ending October 31, CIBC Caribbean introduced self-serve card replacement, self-serve unscheduled loan payments, self-serve cross border payment tracking and real time payments in several markets.
The regional bank also launched self-serve new account opening for existing clients to open new accounts in minutes while also allowing for new clients to begin the onboarding process to open new account online. This is fully end-to-end in certain markets where it is allowed. This is complemented by the bank’s digital loan store which grew disbursements by 35 per cent in 2024 and the ability for clients in certain markets to scan cheques without needing to come in branch.
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“We’re using AI, in particular, generative AI in a couple of areas. We’re using it in our marketing. So, we’re using generative AI to create targeted marketing for our clients to increase our upsell and uptick from the clients. We’re also using AI in the development of several of our new digital applications that we’re delivering to clients. We’re using AI is in the area of the development of certain products and how we can deliver services. Our clients will see several new features in terms of what we deploy in the market that they might not realise, but in the background, it will be highly driven by AI,” said Esan Peters, Chief Information Officer on the bank’s plans around artificial intelligence.
With this new growth focus, CIBC Caribbean has placed heavy emphasis on Jamaica to lead the way. Jamaica is currently CIBC Caribbean’s fourth largest market by revenue and assets. The Jamaican business accounted for 30 per cent of all new clients across the region in 2024 and had an impressive year. The business received a $4.62 billion capital injection by its parents during the year and was able to disburse over $21.82 billion in loans during the year and grow its loan book to $111.33 billion. Its asset base grew from $183.74 billion in October to $191.61 billion in December as it closes in on JMMB Bank (Jamaica) which is the fifth-largest commercial bank by assets.
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“At this point, what we are doing is we are using our superior digital platform and growing our book of deposits and getting more clients. As we make progress, management will assess the situation and decide if further action needs to be made. Right now, our digital strategies, our growth strategies in getting clients and deposits are working. Of course, we could always accelerate faster, but there is a balance we have to take as we manage enterprise across the Caribbean,” St Hill added on the possibility of making additional capital injections in Jamaica to fuel further growth.
CIBC Caribbean has continued to grow its specialised loan portfolio which has continued to place a greater emphasis on corporate and sovereign clients with a focus on sustainability. The bank arranged a sustainability linked loan for the Government of Barbados during the first quarter to the tune of more than US$100 million. Chief Commercial Officer Pim van der Burg noted that the continued growth in complex products has pushed the bank to recruit more talent to meet the growing demand.
“It is very critical that all 10 countries perform at optimal levels. Our operating company structure as we have it now, a lot of our companies fold into operating companies. With the new country model, we’re going to have that granular focus on all 10 of our countries and ensuring that management right up from the senior to the executive level are focusing on each of our individual countries and are performing at optimal levels,” St Hill explained on the shift in the CIBC operating model.
CIBC Caribbean recently announced that four managing directors in four markets would be retiring later this year along with the appointment of Donna Wellington to chief country management officer. Nigel Holness will retire as the Jamaican head on May 1 and become the new chairman while Annique Dawkins will take on his current managing director role. CIBC Caribbean is currently searching for new country heads in Antigua, The Bahamas and Trinidad and Tobago with an advertisement recently appearing in the Trinidad Guardian about the role. CIBC Caribbean is set to announce the opening of a San Fernando branch shortly.
Despite the reduction in USA interest rates set to impact its interest income from some of its investments, the bank is currently working to minimise some of the sensitivity to these rate changes while moving to benefit from further loan demand by clients. CIBC Caribbean adjusted its loans and overdraft facilities linked to the US Federal Funds rate in September and December after the United States Federal Reserve cut interest rates. Even CIBC cut its Canadian prime lending rate on March 13 from 5.20 to 4.95 per cent.
CIBC Caribbean’s first quarter saw its total revenue increase two per cent to US$186.13 million due to higher loan growth which offset reduction in US interest rates. However, net profit from continuing operations declined by a third from US$86.25 million to US$58.04 million due to higher operating expenses and a change in its credit loss model which resulted in a higher charge during the period relative to the reversal in the prior year. After accounting for the US$2.59 million loss from discontinued operations related to its St. Maarten business which was sold on February 7, consolidated net income came in at US$55.76 million with US$54.34 million attributable to shareholders.
CIBC’s total assets grew to US$13.42 billion in Q1 with loans and advances rising to US$7.24 billion, securities to US$3.23 billion and cash to US$2.27 billion. Total liabilities increased to US$11.75 billion with deposits at US$11.45 billion while equity attributable to shareholders grew two per cent to US$1.63 billion.
CIBC Caribbean closed at TT$8 on Friday which leaves it down one per cent in 2025 with a market capitalisation of TT$12.62 billion CIBC declared a US$0.0125 dividend totalling US$19.71 million to be paid on April 24 to shareholders on record as of March 28.
These retirements at CIBC Caribbean occur when itss parent company CIBC announced last week that incumbent president and CEO Victor Dodig will retire on October 31 after being in the role since September 2014. Harry Culham, the bank’s head of capital markets, asset management and enterprise strategy, will become chief operating officer on April 1 and succeed Dodig on November 1 as president and CEO. CIBC will host its shareholder meeting on April 3 at 9:30 am Canadian time. CIBC also declared a CA$0.97 dividend to be paid on April 28 to shareholders on record as of March 28.
