Global Finance introduces you to the best private banks in the Caribbean.
The Caribbean and Central America are facing a mixed year, with economic growth supported by tourist numbers returning to pre-pandemic levels. This increase in economic activity is reflected in increased tax revenues from income tax and value added tax.
Strengthening integration through partnerships between regional and multinational banks and the expansion of regional stock markets. Focusing on ethical investing and the development of investment vehicles to achieve this, we lay the foundations for sustainable development and strengthen the products and services available.
2024 is expected to be a year of change, with ownership of many banks in the Caribbean expected to shift.
The Caribbean’s best private bank: Scotia Wealth Management
Whether it’s mobilizing $100 billion in sustainable investments or being a trend-setting app recognized across various Caribbean islands, Scotia Wealth Management consistently stands out as the top private bank in the region. I have proven that.
Scotia’s competitors also recognized the bank’s outstanding year. NCB Capital, a group that includes NCB Financial Group, rated Scotia Wealth Management’s efficiency ratio as very high at 50.2% in July this year.
Scotia Wealth Management is also recognized as the best private bank for business owners around the world. Scotia Group made a profit of $12.8 billion in the nine months to July, up from $7.3 billion in 2022. The capital is 113.89 billion dollars and the total assets are 646.4 billion dollars. Over the past year, Scotia’s loan portfolio has increased by 18% to $259.6 billion.
Best private banks for sustainable investing: CIBC First Caribbean International
The Category 5 hurricane that hit Acapulco was a stark reminder of the need for sustainable investments across Central America and the Caribbean.
In fact, a recent ECLAC (United Nations Economic Commission for Latin America and the Caribbean) report found that Barbados, Dominican Republic, El Salvador, Guatemala, Honduras and Saint Lucia will need to invest between 5.3% and 10.9% of their GDP starting in 2025. states. Offset the economic losses from climate change by 2050.
However, the thematic bond market remains highly concentrated as financial instruments grow to target global demand from ethical investors seeking sustainable deals.
CIBC’s FirstCaribbean International was the co-lead arranger of the Barbados Government’s $146.5 million Blue Bond for marine conservation and other sustainable development projects over the next 15 years. CIBC FirstCaribbean directly financed his $73.5 million domestic deal.
When combined with more than $216 million in financing for clean energy assets, their projects will have more than 195 megawatts of installed capacity and power more than 125,000 homes.
Best Private Bank Digital Solutions for Clients: Banco Popular Dominicano
Banco Popular Dominicano’s mobile app is the most downloaded app in the Dominican financial sector and the most visited website in the industry. His clear UI, easy-to-understand instructions, and array of options impressed the judges.
Customers can utilize the latest generation of smart ATMs and digital channels to provide feedback or request additional information. According to various internal customer surveys, Banco Popular’s digital capabilities are most appreciated by customers.
It has approximately 1.4 million digital clients and 86.9% of transactions are performed digitally. By comparison, the Banking Supervision Bureau (SB) reported an average of 45.6% in October.
Additionally, in May this year, Banco Popular launched Qik Banco Digital Dominicano, the country’s first neobank with all services available digitally.