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T&T’s First Citizens Bank leads Caribbean banks in 2020

LatinFinance magazine has dubbed Trinidad and Tobago’s First Citizens Bank as the leading bank in the Caribbean for 2020.

“First Citizens has been able to grow loans and deposits despite the worldwide upheaval that has been harsh on the Caribbean. It is using technology to guarantee quality services for its customers and, in the long run, grow its brand,” the publication wrote in its Banks of the Year supplement.

During the review period, which began July 1, 2019, and ended June 30, 2020, the bank grew it loan portfolio by seven per cent.

Furthermore, First Citizens CEO Karen Darbasie notes that though the bank prides itself on being traditional, it is not averse to using technology to improve the delivery of its services.

Chief Executive Officer of First Citizens Bank Karen Darbasie (Photo: Maco People)

“We are moving on an expeditious path toward digitisation of our products and channels for our customers, as well as for the deployment of technology internally,” she pointed out.

“Digitalisation was conceived to make us more efficient, but we are also deploying technology to make sure we can maintain social distancing and to do business differently to protect our customers and employees in this new environment,” Darbasie added.

“First Citizens has been able to grow loans and deposits despite the worldwide upheaval that has been harsh on the Caribbean. It is using technology to guarantee quality services for its customers and, in the long run, grow its brand.”

LatinFinance

According to LatinFinance, it has weighed the recognition of the First Citizens’ outstanding performance and achievement against a backdrop of “a global health crisis that has sapped the strength from most economies”. In reaching its decision, the magazine considered the opinions of analysts, publicly available data, and information from the banks themselves.

Last year’s Bank of the Caribbean award went to Republic Bank, also from Trinidad and Tobago.