World’s Best Private Banks 2023: Caribbean

Global finance represents the best private banks in the Caribbean.

Although most markets in the region have recovered some of the output lost due to the pandemic, the recovery in 2021 has been generally modest due to prolonged pandemic restrictions, a limited recovery in tourism and operational problems in commodity production. In this context, several markets saw a strengthening recovery in the first quarter of 2022, which was largely supported by an increase in the number of tourists.

The Caribbean and Central America have also been at the forefront of cryptocurrency testing, with the Bahamian “sand dollar” and El Salvador’s experiment testing those waters. The region, which has long been a financial center, should be able to find a firm place in the world of digital finance and serve the most progressive investors.


RBC Caribbean

The RBC Caribbean team conducts extensive research and offers insights to identify opportunities to build client wealth, provide tax efficiency or generate additional income, making it our top choice again this year. The bank also offers advice on using the proceeds of a life event – ​​such as an inheritance or the sale of a business – to help increase the wealth of business owners or corporate executives who may have professional responsibilities to the business or firm in addition to their personal financial interests. . Both are subject to regulatory complexities that can be challenging to meet. In April 2021, the company entered into an agreement to sell its Eastern Caribbean operations to a consortium of local banks. In 2021, clients and employees settled into a new normal as demand for digital banking offerings continued to grow. Employees have proven their resilience even in a hybrid environment of working from home and/or in the office.


CIBC First Caribbean

CIBC FirstCaribbean International Bank is a relationship bank that offers a range of market-leading financial services through its corporate investment banking and wealth management divisions. CIBC FirstCaribbean operates in a well-regulated environment under the supervision of 10 banking regulators in 16 markets.

Over more than a decade, the bank has built a strong reputation as the region’s premier lender to electricity providers and independent power producers seeking to bring the benefits of sustainable renewable energy to the Caribbean, making it a natural home for wealthy investors seeking the same. Many Caribbean governments have announced commitments to increase the use of renewable energy and reduce their economies’ dependence on fossil fuels.


Citi Private Bank

Citi Private Bank’s flagship global wealth management portal for clients and bankers provides highly sophisticated tools at the institutional level alongside traditional private banking functions. In 2021, the bank generated $3 billion in revenue while taking on 456 new private banking clients, increasing the average net worth by 12% to $450 million for the bank’s private client base. With key Caribbean bases in the Bahamas, Dominican Republic, Trinidad and Tobago, Jamaica and Puerto Rico. The bank has created an Office of Innovation, led by Philip Watson, chief innovation officer and head of the global investment lab. OI guides private banking clients through the latest technologies and keeps them abreast of trends. In 2021, the bank hosted several client calls demonstrating its digital capabilities to ensure clients remain engaged and fully supported remotely. In addition, the CitiDirect Digital Onboarding platform has been enhanced to make Citi private banking more accessible, with a more intuitive navigation display, enhanced transactional capabilities, integration with other banks, comprehensive performance reporting and other features.


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