CIBC targeting Caribbean infrastructure projects

CIBC First Caribbean is targeting infrastructure projects for growth in the region. 

The bank, which is the largest publicly traded in the region with more than 400 thousand customers and operations in 17 territories, is now hosting an infrastructure conference in Montego Bay. 

Rik Parkhill, CEO of  CIBC First Caribbean, said on Thursday that targeting infrastructure financing was not a shift in the banks focus, but a diversification of its income stream.

Pointing to what he described as a "modest recovery" taking place in Caribbean economies at this time, Parkhill said he expected that a number of projects that have been in the planning stage for a while, might get underway shortly.

The bank is seeking to woo investors for financing in infrastructure projects, such as ports, renewable energy and roads.

It said it currently has more than US$1 billion in infrastructure projects on the drawing board across the region, but declined to say in which areas or give a breakdown of how much is targeted towards each territory.

Jamaican expansion

Mr Parkhill also said the bank was seeking to expand its operations in Jamaica.  

Despite being the biggest bank in the region, CIBC First Caribbean ranks fourth in Jamaica.  

Now, however, with the Jamaica arm showing growth, he said the company has been increasing its employment base in the country "and we certainly recognise the productivity of the workforce and the talent base here."