In an article entitled “World’s Best Private Banks 2021: Caribbean,” released on December 9, Global Finance Magazine has named Butterfield Bank, National Commercial Bank, Jamaica and RBC as the top private banks in the Caribbean.
Winners were decided by the magazine based on entries submitted by banks, company documents and public filings as well as “local market knowledge, global footprint and investment breadth and sophistication.” The magazine said, “size and growth are a factor, but Global Finance also considered creativity, uniqueness of offering and dedication to private banking as a core business either globally or regionally.”
National Commercial Bank, Jamaica, which has a presence in Jamaica, Barbados, the Cayman Islands and Trinidad and Tobago was selected as the best private bank for business owners and best private bank overall. According to the article, “The 170-year-old National Commercial Bank Jamaica (NCBJ) maintained its position as one of the most profitable groups in the region and the largest Jamaican financial organization overall.”
NCBJ was heralded for its progressive approach to technology and innovation, exemplified by a 17-year plan to build new technological architecture as well as the creation of 10 innovation labs that develop new tools to improve the bank’s connection with other sectors of the market, such as education.
Butterfield Bank, which has a presence in Bermuda and the Cayman Islands, was selected as the best Private Bank forEntrepreneurs. “One of the largest Caribbean investment banks, with $118 billion in assets under management, Butterfield Bank has raised its income by $5.2 billion and increased average return for its wealthy clients by 1% over the previous 12 months,” said the article. Of the three banks, RBC, which has a presence across 17 regional markets, was selected for excellence in crisis: client services.
“Wealth succession strategy and advice on philanthropy have become especially notable RBC offerings since the Covid-19 pandemic hit. The bank has emphasized its deep connection to the people of the Caribbean with support and donations to hard-hit local communities,” said the article.