Awards for Excellence 2009: Barbados
Best Bank: First Caribbean International
It was a difficult year for First Caribbean as falling tourist revenues across the Caribbean hit local industries. As the bank has businesses in the Bahamas, Barbados, Trinidad and Tobago, the Cayman Islands and Jamaica, it was not immune to the economic environment. The chief of the group resigned, being replaced in September last year by John Orr, who had formerly been head of two north American retail banks. Despite the background turmoil, the Barbados business segment of First Caribbean enjoyed an increase in net income over 2008 to $69.4 million from $65 million in 2007, driven by domestic retail business.