CIBC Caribbean has announced a second capital injection for this year, of US$25 million into the Jamaica market. This follows a first capital injection of just under US$5 million in January, a release said on Monday.
Several years ago, CIBC Caribbean identified Jamaica as one of its key markets for growth, and began a programme of development and investment there, to facilitate the financing of loans, improve its infrastructure and increase the number of employees available to serve its current and planned expanded customer base.
The bank has also set about increasing its social media and advertising presence and its community profile in Jamaica.
In making the announcement, CEO Mark St Hill, noted: “Jamaica’s economic outlook continues to improve with the country’s credit ratings upgraded to BB- (S&P) and B1 + (Moody’s) in 2023 and GDP growth projected at 1.8 per cent in 2024. The outlook is promising. CIBC Caribbean is ready to play its part in assisting with that growth.
He added, “We have been reaching out to our clients, both in personal and business banking and corporate and investment banking and we are seeing an upward trend in client confidence and interest in our products and services.
“Our recent rebranding to CIBC Caribbean has added to that interest and confidence and clients are ready to do business with us. This capital injection will help to support our efforts to help our clients make their ambitions become reality by supporting their plans for the future.”
The CIBC Caribbean has focused its recent activity in Jamaica on maximising the market opportunities in that country by engaging and interacting with existing and new customers through enhanced products and pricing, digital channels, and marketing, traditional and digital.
The bank has also worked hard on providing a seamless and radically simplified onboarding experience for new clients and has launched several offers such as high interest savings products and fixed deposit offers with competitive rates for client investments.
Managing director of CIBC Caribbean in Jamaica Nigel Holness said the bank’s activities are about more than providing financing. “As a relationship bank, we take our responsibility as a corporate citizen seriously.
“Not only have we been expanding our marketing in Jamaica and actively growing our business, but we have also been working hard at our relationships with the people of Jamaica."
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