CIBC FirstCaribbean named BVI’s ‘bank of the year’ for 2020

CIBC FirstCaribbean has been named ‘Bank of the Year’ in the British Virgin Islands.

The financial institution received the award at the 2020 Financial Services Awards (FSA) which took place at the H Lavity Stoutt Community College on Saturday, March 27.

The bank hailed its success in receiving the award to the strategies it implemented during the economically crippling COVID-19 pandemic.

“This award is testament to the hard work done by our entire team. COVID-19 challenged us to find new and creative ways of doing business and meeting the needs of our clients in an environment that was literally changing from day to day,” said CIBC FirstCaribbean’s Country Manager, Amory Jervis.

“Our bank through moratoria on loans and other payments has sought to cushion the impact of the pandemic on many of our clients who have reached out to us. We will continue to work with them to tailor solutions to see them safely through this season of testing,” he added.

COVID moratoria and special assistance

CIBC FirstCaribbean is among six known banks that agreed to offer loan moratoriums of up to six months to assist in easing their clients’ financial worries during the COVID-19 crisis bank in 2020.

The others included FirstBank, Banco Popular, National Bank of the Virgin Islands, VP Bank, and Republic Bank.

CIBC FirstCaribbean also offered special assistance on a case-by-case basis to clients adversely impacted by the COVID -19 pandemic. This assistance included deferred payments, special loan financing, and other concessions.

“We will continue to work with them to tailor solutions to see them safely through this season of testing,” Jervis said.