Business
loans to non-residents and as a result has stimulated overseas investment, attracted foreign currency and helped grow the construction industry across the region. Will this business continue to expand in the light of global recession and less overseas buyers in the market? Every market responds to local, regional and global economics in some way. It is a market that we will continue to service as long as there are opportunities whether they expand, remain flat or whether there are less opportunities available due to the current state of the global economy. It will improve at some point, at which time we intend to be available. their life’s journey. This comes through a thorough understanding of their time constraints, the level of privacy they require when conducting business and educating them on their options in terms of products available to them based on knowing them and their long-term financial goals.
to our customers. One prime example is the continuous improvement of our account opening process. We have moved from a high of nearly ninety minutes to open an account nearly two years ago to a new regional average of 29 minutes, something that has been welcomed by our customers across the Caribbean.
Can we ever reach a situation where mortgages and loans can be completed within days rather than months?
Has the increased delinquency in recent years greatly affected the terms and conditions for new business and taken away your competitive edge?
This would be an ideal situation, which both the bank and our customers would mutually be pleased with, however, there are certain processes that still require time to complete and at CIBC FirstCaribbean our mantra is to get it right the first time. However, any efforts to reduce these times would allow us to service our customers faster. What is within our control is the turnaround time it takes for a lending decision and we are seeing improvements each and every day. We are also pleased to report improvements in several other areas, with resulting benefits that have been passed on
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Delinquency has been a challenge for all financial institutions during this sluggish economic period. However, even during these unfortunate circumstances, we seek to assist our customers as much as possible. This has not taken away from our competitive edge as we are and always have been, a bank that cares. It has also equipped us to be better able to provide options to our customers with this experience under our belt. CIBCFirstCaribbean has been a pioneer in providing mortgage
Mark St. Hill is Managing Director, Retail, Business and International Banking with responsibility for the growth and development of the Retail and Business Banking operations across 17 countries represented by 70 branches. He is also responsible for all the bank’s operations in Eastern Caribbean and Belize. An experienced banker he has over 23 years experience in various positions spanning Insurance Broking, Retail Banking, Corporate Banking, Credit Risk Management, International Banking and Wealth Management. Mark has also held senior management positions in several countries in the Caribbean including Grenada, British Virgin Islands and Barbados. He is a graduate of the FirstCaribbean Executive Leadership program with Wharton Business School and a Fellow of the British Institute of Chartered Secretaries and Administrators. He can be contacted by email at Mark.St.Hill@cibcfcib.com